Bitcoin (BTC) climbed around $26,500 by the weekly close on September 17 as new September highs gave way to calmer conditions.
BTC/USD 1-hour chart. Source: TradingView
Bitcoin saves volatility for weekly close
Data from Cointelegraph Markets Pro and TradingView showed that BTC price action stabilized over the weekend.
The largest cryptocurrency had risen to $26,880 two days earlier, marking its highest point of the month so far.
Popular trader and analyst Credible Crypto summarized the state of Binance’s BTC/USD order book, noting that an accumulation of supply liquidity is giving the market a boost.
“There is some seller interest here – this point is defended atm,” he wrote in part of the accompanying comments on X (formerly Twitter).
There is some absorption by sellers here – this level is defended atm. Not much lower, so on a loss the odds would see a nice flush to downside targets. It was fun to watch, but I’m going to call it quits. Let’s see what tomorrow brings. Hopefully a quiet weekend so we can just relax… https://t.co/NFD7qcfAnC pic.twitter.com/4gWXpEDfsX
— CrediBULL Crypto (@CredibleCrypto) September 16, 2023
Amid the consolidation move, fellow trader Crypto Tony has two possible scenarios in mind – with $26,000 still considered support.
“I still expect a decline to $26,100 and a bounce for a long trigger,” he said told X subscribers that day.
“Either that or if we only hit the high of $26,600, I’ll be waiting too long.”
Annotated BTC/USD chart. Source: Crypto Tony/X
Taking a closer look at stock market behavior, Trader Skew highlighted specific short-term trends among traders, with spot companies selling on upswings.
$BTC Aggregate CVDs and Delta
Next week pretty much all aggressive positions will be targetedThe only detail here is spot selling perpetrator-induced bounces, especially squeezes https://t.co/4yZFhcsYwx pic.twitter.com/KqRyRlyUHl
— Skew Δ (@52kskew) September 17, 2023
Can the FOMC move the BTC price range?
Beyond the end of the week, crypto market participants were eagerly awaiting the US Federal Reserve’s most important macroeconomic event in the coming week.
Related: Bitcoin price all-time high will precede halving in 2024 – New forecast
The Federal Open Market Committee (FOMC) meeting on September 20th is expected to decide on key interest rates, with markets largely expecting them to remain unchanged.
CME Group’s FedWatch tool puts the probability of a surprise scenario at just 2%.
Diagram showing the Fed’s target interest rate probabilities. Source: CME Group
However, as Cointelegraph reported, Bitcoin has recently cooled its knee-jerk reactions to macroeconomic data releases, with some assuming the status quo would remain in place as it headed to the Federal Open Market Committee (FOMC).
“The FOMC and interest rate decisions over the next few weeks are likely to result in some volatility, but BTC will likely continue to trade between $25,000 and $27,000 in the near term…” said popular trader Crypto Santa completed in part of the current X comment.
Annotated BTC/USD chart. Source: Crypto Santa/X
This article does not contain any investment advice or recommendations. Every investment and trading activity involves risks and readers should conduct their own research when making their decision.