Bitcoin (BTC) circled $26,500 into the Sep. 17 weekly close after new September highs gave way to calmer conditions.
Bitcoin saves volatility for weekly close
The largest cryptocurrency had seen a trip to $26,880 two days prior, this marking its highest levels of the month so far.
Summarizing the state of the Binance BTC/USD order book, popular trader and analyst Credible Crypto noted that a cluster of bid liquidity was buoying the market.
“Some seller absorption happening here- this level being defended atm,” he wrote in part of accompanying comments on X (formerly Twitter).
Some seller absorption happening here- this level being defended atm. Not much below it so if lost would probs see a nice flush to downside targets. Been fun watching this but going to call it a night. Let’s see what tomorrow brings. Hopefully a slow weekend so we can just chill… https://t.co/NFD7qcfAnC pic.twitter.com/4gWXpEDfsX
— CrediBULL Crypto (@CredibleCrypto) September 16, 2023
Amid consolidatory movement, fellow trader Crypto Tony eyed two potential scenarios — with $26,000 still holding as support regardless.
“I am still looking for that dip down to $26,100 and a bounce for a long trigger,” he told X subscribers on the day.
“Either that or if we just reclaim $26,600 highs i will look to long.”
Looking more closely at exchange behavior, trader Skew highlighted specific short-term trends among traders, with spot entities selling into bounces.
$BTC Aggregate CVDs & Delta
Pretty much just aggressive positions getting hunted into next week
— Skew Δ (@52kskew) September 17, 2023
Can FOMC shift BTC price range?
Beyond the weekly close, crypto market participants were eagerly awaiting the coming week’s key macroeconomic event from the United States Federal Reserve.
The Federal Open Market Committee (FOMC) meeting on Sep. 20 is set to decide benchmark interest rates, with markets overwhelmingly expecting them to remain unchcnaged.
CME Group’s FedWatch Tool put the odds of a surprise scenario at just 2%.