Bitcoin Maintains Stability as Weekly Close Approaches
Bitcoin (BTC) held steady around $26,500 as it approached the weekly close on September 17. After reaching new highs earlier in September, the cryptocurrency experienced a period of calmer conditions.
According to data from Cointelegraph Markets Pro and TradingView, BTC‘s price performance stabilized over the weekend. Just two days prior, it had reached $26,880, the highest level of the month so far.
Popular trader and analyst Credible Crypto noted that a cluster of bid liquidity was supporting the market. In a tweet, he stated, “Some seller absorption happening here- this level being defended atm.”
Fellow trader Crypto Tony identified two potential scenarios, with $26,000 serving as a support level. He told subscribers, “I am still looking for that dip down to $26,100 and a bounce for a long trigger. Either that or if we just reclaim $26,600 highs, I will look to long.”
Trader Skew highlighted short-term trends among traders, noting that spot entities were selling into bounces.
Market participants are eagerly awaiting the upcoming Federal Open Market Committee (FOMC) meeting, a key macroeconomic event in the United States. The FOMC is set to decide benchmark interest rates on September 20, with expectations that rates will remain unchanged.
Bitcoin has recently shown less kneejerk reactions to macro data prints. Some believe that this trend will continue during the FOMC meeting. Popular trader Crypto Santa stated, “Next week’s FOMC and Interest Rate decisions should induce some volatility, but BTC will likely continue to trade within $25k – $27k in the short-term.”
It is important to note that this article does not contain investment advice or recommendations. Readers should conduct their own research before making any investment or trading decisions.
Sources:
– Cointelegraph Markets Pro
– TradingView
– Twitter (@CredibleCrypto, @CryptoTony__, @52kskew, @Blockchainsanta)
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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