Bitcoin (BTC) price held steady at $27,000 on September 20 as the key macroeconomic date of the cryptocurrency trading week approaches.
Markets ‘ready to adapt’ to Bitcoin price volatility
Data comes from Cointelegraph Markets Pro and trading view Showing an upward shift in Bitcoin price focus compared to the previous week.
Cryptocurrency markets are showing confidence in the Federal Reserve’s interest rate decision. The Federal Open Market Committee (FOMC) is scheduled to announce the latest changes at 2 pm Eastern Time that day.
As Cointelegraph reported, expectations are almost unanimous in favor of keeping interest rates at current levels, with the likelihood still standing at 99% at the time of writing, according to CME Group Fed Watch Tool.
“The market expects a 99% chance that the Fed will hold steady at this meeting. The data is favorable for this, with core CPI inflation currently reaching the Fed’s target on a three-month annualized basis,” said financial commentator Tedtalksmacro Tell Part of X Subscriber’s latest analysis.
“This may be the first time the Fed realizes that inflation is moving in the right direction…”
Nonetheless, the event is expected to bring short-term volatility.
Monitoring resource Material Indicators analyzed the BTC/USD order book status of Binance, the world’s largest exchange, and found that the liquidity surrounding the spot price was significantly thin.
“If there’s one thing that stands out, it’s that liquidity is thinly distributed across the range,” part of its comments point out.
“We may see some walls coming up, but for now it looks like the order book will adjust to greater volatility.”
Material Indicators added that subsequent speeches and press conferences by Federal Reserve Chairman Powell should lead to further “intense” fluctuations in Bitcoin prices.
The accompanying chart shows partial bidder liquidity stalled at $26,650, while bulk bids remain at just $25,000. On the bright side, sellers are waiting at $27,450, the local BTC price high since September.
Bitcoin traders eye key levels
Separately, others hope to challenge certain range levels as part of the FOMC’s response.
RELATED: Bitcoin Bollinger Bands Hit Key Area as BTC Price Fights for $27,000
Popular trader Daan Crypto Trades said: “We had an opportunity today to take some stops during the volatility.” suggestion.
Fellow trader Jelle said he expected Bitcoin is “rough” and when looking at broader trading activity, trader Skew predicts an active FOMC trading environment.
Bitcoin USD Binance Spot
Late Asia – Early EU shenanigansSpot bids $27K – $26.7K are key areas for the rebound and require liquidity to move higher here
The FOMC should be interesting. pic.twitter.com/2gCQ4ia6dD
— Skew Δ (@52kskew) September 20, 2023
Meanwhile, Crypto Tony marks $26,800 as the floor that Bitcoin bulls need to protect.
“That’s what I’m looking for to maintain my long position. The support area above $26,800 must hold or we risk a bias,” he said commented Next to it is a diagram of his own.
Separately, others hope to challenge certain range levels as part of the FOMC’s response.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
Svlook
