âBitcoin stares down Fed rate cut week at key resistance with plenty of BTC price volatility expected in the coming days.
âBitcoin starts a pivotal macroeconomic week with the battle for $60,000 support raging.
âAfter slipping into the weekly close, BTC price action is acting in a key area of interest for bulls.
âPrice indicators reveal the extent of the need to reclaim $60,000 â a resistance/support flip here would improve the setup of both the daily and weekly charts.
âThis week sees the United States Federal Reserve in the driving seat as it decides on the size of what could be its first interest rate cut in over four years. Markets are confident that the outcome will be just that â but last-minute uncertainty is pushing expectations that the Fedâs move will be more drastic than the bare minimum.
âBitcoin analysts are biding their time before drawing conclusions on how BTC/USD may react.
đ„BTC price weekly close brings bulls down to earth.đ„
Bitcoin came under pressure into the Sept. 15 weekly close, costing bulls both $60,000 and a chunk of the weekâs recovery.
Data from Cointelegraph Markets Pro and TradingView shows BTC/USD circling the $59,000 mark at the time of writing, having still managed to gain 7.8% over the past week.
Cullen focused on the weekâs main macroeconomic event in the form of the United States Federal Reserveâs interest rates decision due on Sept. 18.
âRed start to the week, and key interest rate decision announcement on Wednesday,â fellow trader Jelle continued.
đ„âHold the current area until then - and I think it looks great for further upside.âđ„
However, analyzing longer timeframes, Caleb Franzen, founder of Cubic Analytics, saw both the 365-day simple (SMA) and exponential (EMA) moving averages functioning as support.
âSince the initial breakout move in March & April 2023, BTC has been able to stay above its 1-year average and even flip it into support on several occasions, even during the recent pullback in August & September,â he noted in a blog post on Sept. 14.
đ„Markets bet on Fed rate cut curveball.đ„
One event is set to shape macroeconomic volatility this week: the US Federal Reserveâs interest rate cut.
The first since March 2020, the move, which will only be confirmed at the Federal Open Market Committee (FOMC) meeting on Sept. 18, has nonetheless long been priced in by markets.
The only question is how large it will be; the debate currently centers on 0.25% and 0.5%, and the latest data from CME Groupâs FedWatch Tool currently sees the latter as more likely.
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