{"id":22484,"date":"2023-09-17T14:11:38","date_gmt":"2023-09-17T14:11:38","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-price-settles-at-26-5k-as-key-fed-inflation-week-dawns\/"},"modified":"2023-09-17T14:11:39","modified_gmt":"2023-09-17T14:11:39","slug":"bitcoin-price-settles-at-26-5k-as-key-fed-inflation-week-dawns","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-price-settles-at-26-5k-as-key-fed-inflation-week-dawns\/","title":{"rendered":"Bitcoin price settles at $26.5K as key Fed inflation week dawns"},"content":{"rendered":"
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Bitcoin (BTC) circled $26,500 into the Sep. 17 weekly close after new September highs gave way to calmer conditions.<\/p>\n

BTC\/USD 1-hour chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

Bitcoin saves volatility for weekly close<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView showed BTC price performance stabilizing over the weekend.<\/p>\n

The largest cryptocurrency had seen a trip to $26,880 two days prior, this marking its highest levels of the month so far.<\/p>\n

Summarizing the state of the Binance BTC\/USD order book, popular trader and analyst Credible Crypto noted that a cluster of bid liquidity was buoying the market.<\/p>\n

\u201cSome seller absorption happening here- this level being defended atm,\u201d he wrote in part of accompanying comments on X (formerly Twitter).<\/p>\n

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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\u2026 https:\/\/t.co\/NFD7qcfAnC pic.twitter.com\/4gWXpEDfsX<\/a><\/p>\n

\u2014 CrediBULL Crypto (@CredibleCrypto) September 16, 2023<\/a><\/p><\/blockquote>\n

Amid consolidatory movement, fellow trader Crypto Tony eyed two potential scenarios \u2014 with $26,000 still holding as support regardless.<\/p>\n

\u201cI am still looking for that dip down to $26,100 and a bounce for a long trigger,\u201d he told<\/a> X subscribers on the day.<\/p>\n

\u201cEither that or if we just reclaim $26,600 highs i will look to long.\u201d<\/p><\/blockquote>\n

BTC\/USD annotated chart. Source: Crypto Tony\/X<\/em><\/figcaption><\/figure>\n

Looking more closely at exchange behavior, trader Skew highlighted specific short-term trends among traders, with spot entities selling into bounces.<\/p>\n

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$BTC<\/a> Aggregate CVDs & Delta
Pretty much just aggressive positions getting hunted into next week <\/p>\n

Only detail here is spot selling perp driven bounces, especially squeezes https:\/\/t.co\/4yZFhcsYwx pic.twitter.com\/KqRyRlyUHl<\/a><\/p>\n

\u2014 Skew \u0394 (@52kskew) September 17, 2023<\/a><\/p><\/blockquote>\n

Can FOMC shift BTC price range?<\/h2>\n

Beyond the weekly close, crypto market participants were eagerly awaiting the coming week\u2019s key macroeconomic event from the United States Federal Reserve.<\/p>\n

Related:\u00a0Bitcoin price all-time high will precede 2024 halving \u2014 New prediction<\/em><\/strong><\/p>\n

The Federal Open Market Committee (FOMC) meeting on Sept. 20 is set to decide benchmark interest rates, with markets overwhelmingly expecting them to remain unchanged.<\/p>\n

CME Group\u2019s FedWatch Tool put the odds of a surprise scenario at just 2%.<\/p>\n

Fed target rate probabilities chart. Source: CME Group<\/em><\/figcaption><\/figure>\n

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.<\/p>\n

\u201cNext weeks FOMC and Interest Rate decisions should induce some volatility, but BTC will likely continue to trade within $25k – $27k in the short-term\u2026,\u201d popular trader Crypto Santa concluded<\/a> in part of recent X commentary.<\/p>\n

BTC\/USD annotated chart. Source: Crypto Santa\/X<\/em><\/figcaption><\/figure>\n

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.\n<\/p>\n<\/div>\n