Bitcoin Price Drifts Back to Intraday Lows as Volatility Fades

Bitcoin traders were disappointed as volatility failed to materialize, causing BTC price to drift back to intraday lows. Despite market anticipation, the Federal Reserve's interest rate pause and Chair Jerome Powell's speech had little impact on Bitcoin's performance.

Posted 8 months ago in Bitcoin


An image of a Bitcoin against a backdrop of a stock market chart

Bitcoin traders were left disappointed as the expected volatility failed to materialize, causing BTC price to slowly drift back to intraday lows. Despite the Federal Reserve's interest rate pause and Chair Jerome Powell's speech, the cryptocurrency market remained relatively quiet. BTC price, down by around 1.5% on the day, showed no major reaction to these events. Additionally, news about delayed payouts to creditors of Mt. Gox went unnoticed by the markets. Popular traders remain optimistic about the future, with some expecting a big breakout due to the formation of a cup and handle pattern below $30k. However, other analysts remain conservative, suggesting potential downside for BTC price. Support at $27,150 has now flipped to resistance on the monthly chart.

Last updated 9/21/2023, 5:16:54 AM

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