FOMC versus BTC price 'local bottom' — 5 things to know in Bitcoin this week


18 Sep 2023 8:59 AM

Bitcoin lines up record fundamentals as BTC price heads into FOMC volatility....

  • Bitcoin (BTC) starts the new week with optimism as traders greet the first green weekly candle in over a month.
  • BTC/USD is climbing toward $27,000, showing gradual improvement after a weak August and start of September.
  • The Federal Reserve's interest rate policy decision could have significant repercussions for risk assets, including crypto.
  • Network fundamentals for Bitcoin are set to surge higher to new records.
  • Hodler behavior remains strong, with wallet numbers continuing to increase regardless of BTC price action.
  • Bitcoin offered little volatility over the weekend, but calmer trading conditions are being challenged into the new week.
  • Key support is holding at the 200-week exponential moving average (EMA), indicating bullish continuation.
  • Some analysts are cautious about a potential bearish double top pattern playing out on weekly timeframes.
  • The upcoming FOMC meeting will decide on interest rates, potentially inducing volatility across risk assets.
  • Markets believe the Fed will not raise rates further, but a surprise decision could have a significant impact.
  • The FOMC event will set the tone for the rest of 2023, with expectations of increased volatility.

The sentiment in the article is mostly positive, highlighting the optimism surrounding Bitcoin's price strength and network fundamentals. However, there is also caution expressed by some analysts regarding a potential bearish pattern and the impact of the upcoming FOMC meeting.

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You May Ask

What is the current price of BTC/USD?What could be the potential repercussions for risk assets if the Federal Reserve surprises with its interest rate policy decision?How are network fundamentals for Bitcoin expected to perform?What is the sentiment among analysts regarding the upcoming FOMC meeting and its impact on Bitcoin and crypto?

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