Bitcoin (BTC) circled $26,500 into the Sep. 17 weekly close after new September highs gave way to calmer conditions.
Bitcoin saves volatility for weekly close
Data from Cointelegraph Markets Pro and TradingView showed BTC price performance stabilizing over the weekend.
The largest cryptocurrency had seen a trip to $26,880 two days prior, this marking its highest levels of the month so far.
“Some seller absorption happening here- this level being defended atm,” he wrote in part of accompanying comments on X (formerly Twitter).
Some seller absorption happening here- this level being defended atm. Not much below it so if lost would probs see a nice flush to downside targets. Been fun watching this but going to call it a night. Let’s see what tomorrow brings. Hopefully a slow weekend so we can just chill… https://t.co/NFD7qcfAnC pic.twitter.com/4gWXpEDfsX
— CrediBULL Crypto (@CredibleCrypto) September 16, 2023
Amid consolidatory movement, fellow trader Crypto Tony eyed two potential scenarios — with $26,000 still holding as support regardless.
“Either that or if we just reclaim $26,600 highs i will look to long.”
$BTC Aggregate CVDs & Delta
Pretty much just aggressive positions getting hunted into next week
— Skew Δ (@52kskew) September 17, 2023
Can FOMC shift BTC price range?
Beyond the weekly close, crypto market participants were eagerly awaiting the coming week’s key macroeconomic event from the United States Federal Reserve.
Related: Bitcoin price all-time high will precede 2024 halving — New prediction
CME Group’s FedWatch Tool put the odds of a surprise scenario at just 2%.
As Cointelegraph reported, however, Bitcoin has recently cooled its kneejerk reactions to macro data prints, and going into FOMC, some believed that the status quo would remain.
“Next weeks FOMC and Interest Rate decisions should induce some volatility, but BTC will likely continue to trade within $25k – $27k in the short-term…,” popular trader Crypto Santa concluded in part of recent X commentary.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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