Bitcoin price settles at $26.5K as key Fed inflation week dawns

Bitcoin (btc) hovered around $26,500 at the weekly close on September 17 after new September highs gave way to calmer conditions.

Bitcoin saves volatility for the weekly close

Data of Markets Cointelegraph Pro and TradingView showed that BTC price performance stabilized over the weekend.

The largest cryptocurrency had seen a trip to $26,880 two days earlier, marking its highest levels of the month so far.

Outlining the status of Binance's BTC/USD order book, popular trader and analyst Credible Crypto noted that a pool of supply liquidity was driving the market.

"There is some seller absorption happening here; this level is being defended at ATMs," he wrote in part of the accompanying comments on X (formerly Twitter).

There is some seller absorption occurring here; This level is defended in ATMs. Not too far below it, so if it misses, it will likely produce a good flush towards the downside targets. This has been fun to watch, but I'm going to call it a night. Let's see what tomorrow has in store for us. Let's hope it's a quiet weekend so we can relax... https://t.co/NFD7qcfAnC pic.twitter.com/4gWXpEDfsX

— CrediBULL Crypto (@CredibleCrypto) September 16, 2023

Amid the consolidation move, Crypto trader Tony noted two potential scenarios: Regardless, $26,000 still held as support.

"I'm still looking for that drop to $26,100 and a bounce for a long trigger," he said. said X subscribers in the day.

"Either that or if we just recapture the highs of $26,600, I'll wait too long."

Taking a closer look at stock market performance, trader Skew highlighted specific short-term trends among traders, with spot entities selling on bounces.

$BTC Aggregate CVD and delta
Virtually only aggressive positions will be pursued next week.

The only detail here is the criminal-driven bounces in spot sales, especially contractions. https://t.co/4yZFhcsYwx pic.twitter.com/KqRyRlyUHl

— Skew Δ (@52kskew) September 17, 2023

Can the FOMC change the BTC price range?

Beyond the weekly close, crypto market participants were eagerly awaiting next week's key macroeconomic event by the US Federal Reserve.

Related: Bitcoin Price All-Time High Will Precede Halving in 2024: New Prediction

The Federal Open Market Committee (FOMC) meeting on September 20 will decide benchmark interest rates, and markets overwhelmingly expect them to remain unchanged.

CME Group FedWatch Tool They place the probabilities of a surprise scenario at only 2%.

However, as Cointelegraph reported, Bitcoin recently cooled his instinctive reactions macroeconomic data and entering the FOMC, some believed the status quo would remain.

“The FOMC and interest rate decisions in the coming weeks should induce some volatility, but BTC will likely continue to trade between $25k and $27k in the near term…”, popular Crypto Santa trader. concluded in part of X's recent comment.

This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.