{"id":13309,"date":"2023-09-20T08:47:54","date_gmt":"2023-09-20T08:47:54","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=13309"},"modified":"2023-09-20T08:47:55","modified_gmt":"2023-09-20T08:47:55","slug":"bitcoin-analysis-predicts-spicy-btc-price-into-fomc-as-27k-holds","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=13309","title":{"rendered":"Bitcoin analysis predicts &#8216;spicy&#8217; BTC price into FOMC as $27K holds"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) held $27,000 into Sep. 20 as the key macroeconomic date of the cryptocurrency trading week arrived.<\/p>\n<p><em>BTC\/USD 1-hour chart. Source: TradingView<\/em><\/p>\n<h2>Market &#8220;set to accommodate&#8221; BTC price volatility<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed the BTC price focus shifting upward compared to the week prior. <\/p>\n<p>Crypto markets showed conviction into the decision on interest rates by the United States Federal Reserve. The Federal Open Market Committee (FOMC) was due to announce its latest changes at 2pm Eastern time on the day.<\/p>\n<p>As Cointelegraph reported, expectations almost unanimously favored rates staying at current levels, with the odds still at 99% at the time of writing, per data from CME Group\u2019s FedWatch Tool.<\/p>\n<p>\u201cThe market is pricing a 99% probability that the Fed are on hold at this meeting. And the data is conducive for that, core CPI inflation is now running at the Fed\u2019s target on a 3-month annualized basis,\u201d financial commentator Tedtalksmacro told X subscribers in part of his latest analysis. <\/p>\n<p>\u201cPotentially the first meeting where the Fed recognize that inflation is trending on the right path\u2026\u201d<em>Fed target rate probabilities chart. Source: CME Group<\/em><\/p>\n<p>Despite this, the event was tipped to deliver short-term volatility. <\/p>\n<p>Analyzing the state of the BTC\/USD order book on largest global exchange Binance, monitoring resource Material Indicators said that liquidity around spot price was noticeably thin.<\/p>\n<p>\u201cIf one thing in particular stands out, it&#8217;s that liquidity is thinly distributed through the range,\u201d part of its commentary stated. <\/p>\n<p>\u201cWe could see some walls go up, but for now it appears the order book is set to accommodate more volatility.\u201d<\/p>\n<p>Material Indicators added that the subsequent speech and press conference from Fed Chair Jerome Powell should lead to further \u201cspicy\u201d BTC price action.<\/p>\n<p>An accompanying chart showed some bid-side liquidity parked at $26,650, while substantial bids still only at $25,000. To the upside, sellers lay in wait at $27,450 \u2014 the local BTC price high from September.<\/p>\n<p><em>BTC\/USD order book data for Binance. Source: Material Indicators\/X<\/em><\/p>\n<h2>Bitcoin traders eye key levels<\/h2>\n<p>Continuing, others hoped for some range levels to be challenged as part of the FOMC reaction.<\/p>\n<p><strong><em>\u00a0Related:\u00a0Bitcoin Bollinger Bands hit key zone as BTC price fights for $27K<\/em><\/strong><\/p>\n<p>\u201cGood chance we take out some stops today during the volatility,\u201d popular trader Daan Crypto Trades suggested.<\/p>\n<p><em>BTC\/USD annotated chart. Source: Daan Crypto Trades\/X<\/em><\/p>\n<p>Fellow trader Jelle said that he expected \u201cchoppy waters\u201d on Bitcoin, while scanning broader exchange activity, trader Skew predicted a lively FOMC trading environment.<\/p>\n<p lang=\"en\" dir=\"ltr\">$BTC Binance Spot<br \/>Late asia &#8211; early EU shenanigans <\/p>\n<p>spot bids $27K &#8211; $26.7K key area to bounce from &amp; ask liquidity moving up the book here <\/p>\n<p>FOMC should be fun https:\/\/t.co\/4nfUA49ipR pic.twitter.com\/2gCQ4ia6dD<\/p>\n<p>\u2014 Skew \u0394 (@52kskew) September 20, 2023<\/p>\n<p>Crypto Tony meanwhile flagged $26,800 as the line in the sand for Bitcoin bulls to protect.<\/p>\n<p>\u201cThis is what i am looking for to remain in my long position. Must hold above $26,800 support zone, or we risk creating a deviation,\u201d he commented alongside his own chart.<\/p>\n<p>Continuing, others hoped for some range levels to be challenged as part of the FOMC reaction.<\/p>\n<p><em>BTC\/USD annotated chart. Source: Crypto Tony\/X<\/em><\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-analysis-predicts-spicy-btc-price-fomc-27k\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) held $27,000 into Sep. 20 as the key macroeconomic date of the cryptocurrency trading week arrived. BTC\/USD 1-hour chart. Source: TradingView Market &#8220;set to accommodate&#8221; BTC price volatility Data from Cointelegraph Markets Pro and TradingView showed the BTC price focus shifting upward compared to the week prior. Crypto markets showed conviction into the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13310,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-13309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13309","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13309"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13309\/revisions"}],"predecessor-version":[{"id":13311,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13309\/revisions\/13311"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/13310"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}