On September 20, Bitcoin stood firm at $27,000 as the cryptocurrency world awaited a critical macroeconomic event.
Cointelegraph Markets Pro and TradingView data indicated a shift in focus towards higher BTC prices compared to the previous week.
The crypto markets demonstrated confidence in the upcoming decision regarding interest rates by the United States Federal Reserve.
The Federal Open Market Committee (FOMC) was scheduled to announce its latest changes at 2 pm Eastern Time on that very day.
As of the report, the consensus was overwhelmingly in favor of the rates remaining unchanged, with a 99% probability according to CME Group’s FedWatch Tool.
Financial commentator Tedtalksmacro noted that core CPI inflation was aligning with the Fed’s target, suggesting a potential acknowledgment by the Fed that inflation was trending as desired.
However, the event was expected to bring about short-term market volatility.
Analyzing the BTC/USD order book on Binance, Material Indicators highlighted thin liquidity around the spot price, indicating potential for increased volatility.
They also anticipated that the speech and press conference by Fed Chair Jerome Powell would further impact Bitcoin’s price.
Looking at the order book, there were bid-side liquidity levels around $26,650, with substantial bids at $25,000.
On the upside, sellers were positioned at $27,450, which marked the local BTC price high for September.
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Traders had their eyes on key levels and expected the FOMC’s decision to trigger various reactions in the market.
Some traders foresaw challenges to range levels as part of the FOMC’s impact.
Popular trader Daan Crypto Trades anticipated that stop-loss orders might be triggered during the volatility.
Others, like trader Jelle, predicted “choppy waters” for Bitcoin. Trader Skew also anticipated an active trading environment following the FOMC announcement.
Crypto Tony emphasized the importance of the $26,800 support zone for Bitcoin bulls. He noted that maintaining this level was crucial for his long position, highlighting the potential risk of creating a deviation below it.
In conclusion, Bitcoin remained stable at $27,000 on September 20, with the crypto community eagerly awaiting the outcome of the FOMC’s interest rate decision, which was expected to have short-term effects on market volatility and key price levels.
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