FOMC versus BTC price ‘local bottom’ – Five things to know in Bitcoin this week
FXstreet
18 Sep 2023 9:57 AM
Bitcoin (BTC $26,845) starts the new week with optimism as traders greet the first green weekly candle in over a month. BTC price strength appears to ...
- Bitcoin (BTC) starts the week with optimism, with the first green weekly candle in over a month.
- BTC price is gradually improving after a weak August and start of September, climbing towards $27,000.
- The U.S. Federal Reserve's interest rate policy decision could have significant repercussions for risk assets, including crypto.
- Bitcoin's network fundamentals are set to surge higher to new records.
- Traders are eyeing a potential "local bottom" for BTC price.
- The weekly close above the 200-week exponential moving average (EMA) is seen as vital for bullish continuation.
- Some analysts remain cautious about a potential bearish double-top pattern on weekly timeframes.
- The upcoming FOMC meeting is expected to induce volatility across risk assets.
The sentiment is generally positive, with optimism about Bitcoin's price strength and network fundamentals. However, there is also caution about potential corrections and volatility due to the upcoming FOMC meeting.
You May Ask
What is the current price of Bitcoin and how has it performed recently?What potential volatility driver is expected in the coming days?How are Bitcoin's network fundamentals looking?What are some key technical levels and indicators that traders are watching for Bitcoin's price?Note: The analysis tasks have been completed based on the given input article.