Bitcoin price settles at $26.5K as key Fed inflation week dawns


17 Sep 2023 8:27 AM

Bitcoin stays calm into the weekly close, with the next potential BTC price volatility event in the form of the FOMC meeting on the horizon....

  • Bitcoin (BTC) reached $26,500 at the weekly close after stabilizing over the weekend.
  • The cryptocurrency had previously hit its highest levels of the month at $26,880.
  • Bid liquidity on the Binance BTC/USD order book was supporting the market.
  • Traders were looking for a potential dip to $26,100 and a bounce for a long trigger.
  • Spot entities were selling into bounces, according to trader Skew.
  • The upcoming Federal Open Market Committee (FOMC) meeting on September 20 was anticipated by crypto market participants.
  • The market expected benchmark interest rates to remain unchanged, with a low chance of a surprise scenario.
  • Bitcoin's reactions to macro data prints have cooled recently, and some believed that the status quo would continue.

The sentiment of the article is neutral, with a focus on market stability and anticipation of the FOMC meeting.

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You May Ask

What was the highest price Bitcoin reached in September?What was the role of bid liquidity in supporting the market?What scenario was trader Crypto Tony looking for?What event was anticipated by crypto market participants in the coming week?How have Bitcoin's reactions to macro data prints changed recently?

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