Bitcoin (BTC) takes a dip, reaching $26,506 and rounding off at $26,500 by the end of the week on September 17. This follows a period of calmer market conditions after hitting new highs earlier in September.
Bitcoin reserves its volatility for the weekly closing.
Data from Cointelegraph Markets Pro and TradingView indicates that Bitcoin’s price performance remained stable over the weekend.
The leading cryptocurrency had previously reached $26,880 just two days ago, marking its highest point of the month thus far.
Analyzing the status of the Binance BTC/USD order book, well-known trader and analyst Credible Crypto observed that a cluster of bid liquidity was providing support to the market.
“Some seller absorption happening here – this level is currently being defended,” he commented on X (formerly Twitter).
During a period of consolidation, another trader, Crypto Tony, had their eye on two possible scenarios, with the support at $26,000 still holding strong.
“I am still anticipating a drop to $26,100 followed by a rebound to trigger a long position,” Crypto Tony informed subscribers on X (formerly known as Twitter) that day.
When examining exchange activity more closely, trader Skew pointed out distinct short-term trends among traders, with spot entities selling during price rebounds.
Can the FOMC (Federal Open Market Committee) impact the price range of Bitcoin (BTC)?
In addition to the weekly closing, participants in the crypto market were eagerly anticipating a significant macroeconomic event in the coming week from the United States Federal Reserve.
The upcoming Federal Open Market Committee (FOMC) meeting on September 20 is poised to make a decision regarding benchmark interest rates, and the prevailing market consensus strongly anticipates that these rates will remain unaltered.
CME Group’s FedWatch Tool indicates that the likelihood of an unexpected scenario is minimal, standing at just 2%.
As previously covered by Cointelegraph, Bitcoin has recently exhibited less pronounced reactions to macroeconomic data releases. As the FOMC meeting approached, some anticipated that the existing state of affairs would persist.
“In the coming week’s FOMC and Interest Rate decisions should induce some volatility, but BTC will probably maintain its short-term trading range of $25k – $27k,” noted the well-known trader Crypto Santa in recent commentary on X (formerly Twitter).