- Bitcoin stabilized around $26,500 after hitting its monthly high.
- Traders observed strong bid support, hinting at resistance to selling pressure.
- The FOMC meeting on September 20 may bring BTC volatility, but it’s expected to trade between $25k to $27k.
In a weekend characterized by relative calm, Bitcoin (BTC) exhibited remarkable resilience, stabilizing around the $26,500 mark after recently hitting its monthly high of $26,880. This surge marked the highest level of the month and had many traders and investors closely monitoring the cryptocurrency market.
Traders have taken note of the strong bid support that seems to be anchoring Bitcoin’s price. Credible Crypto, a famous trader and analyst, pointed out a cluster of bid liquidity that appeared to be providing a solid defense against selling pressure. This observation underscores the conviction among many market participants that Bitcoin’s current levels are well-supported.
As the crypto community observes this stability, their attention now turns to a critical macroeconomic event on the horizon. The United States Federal Reserve is set to convene the Federal Open Market Committee (FOMC) meeting on September 20, where decisions regarding benchmark interest rates will be made. Although market expectations lean heavily towards no changes, there is a lingering anticipation of potential volatility.
Market analysts are divided on the impact of the FOMC meeting on Bitcoin’s price. While some foresee the meeting inducing volatility, others, like Crypto Santa believe that Bitcoin will likely continue to trade within the range of $25,000 to $27,000 in the short term.
With CME Group’s FedWatch Tool placing the odds of a surprise scenario at just 2%, the prevailing sentiment suggests that Bitcoin’s current stability may persist in the days leading up to and following the FOMC meeting.
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