Bitcoin and Crypto Prepare for FOMC: BTC Price Remains Stable

Bitcoin stabilizes around $26,500 as crypto market waits for the Federal Open Market Committee (FOMC) meeting. Traders anticipate potential volatility with bid liquidity supporting the market. Analysis suggests BTC may remain within the $25k-$27k range in the short term.

Posted 8 months ago in Bitcoin

Illustration of a stable Bitcoin price amidst charts and graphs

Bitcoin (BTC) maintained a steady price of around $26,500 as the Federal Open Market Committee (FOMC) meeting loomed. After reaching new highs earlier in September, BTC experienced a weekend of relative calm. Traders and analysts observed bid liquidity supporting the market, with the possibility of a downside flush if the current support level is lost. Crypto Tony, a well-known trader, anticipated a dip to $26,100 followed by a rebound. Meanwhile, spot entities were selling into bounces, according to trader Skew.

In the broader market, market participants eagerly awaited the upcoming FOMC meeting, where the benchmark interest rates would be decided. While expectations were for rates to remain unchanged, there was still a potential for volatility due to the event. However, Bitcoin has shown a tendency to trade within the $25,000 to $27,000 range despite macroeconomic data releases. Popular trader Crypto Santa predicted that BTC would continue within this range in the short term.

Please note that this article does not provide investment advice, and readers should conduct their own research before making any investment decisions.

Last updated 9/17/2023, 11:36:31 AM


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