Emmanuel OchayiIn a cryptocurrency weekend characterized by surprising tranquility, Bitcoin (BTC) has demonstrated remarkable resilience, firmly stabilizing around the $26,500 mark following its recent surge to a monthly high of $26,880.
This latest peak, the highest of the month, drew significant attention from traders and investors alike.
Join our WhatsApp ChannelAccording to Crypto News Land What has caught the eye of traders is the robust bid support that seems to be fortifying Bitcoin’s price.
Notably, Credible Crypto, a renowned trader and analyst, has highlighted a cluster of bid liquidity that appears to be forming a formidable defense against selling pressure.
This observation underscores the widespread belief among market participants that Bitcoin’s current levels are well-backed.
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While the crypto community takes comfort in this stability, their focus is now shifting toward a pivotal macroeconomic event on the horizon.
The United States Federal Reserve is gearing up for the Federal Open Market Committee (FOMC) meeting scheduled for September 20, during which decisions concerning benchmark interest rates will be made.
Despite the prevailing market consensus leaning towards no changes, a lingering sense of anticipation surrounds the potential for volatility.
Market analysts are split on the likely impact of the FOMC meeting on Bitcoin’s price. While some envision the meeting triggering market turbulence, others, such as Crypto Santa, believe that Bitcoin will likely continue to trade within the range of $25,000 to $27,000 in the short term.
CME Group’s FedWatch Tool places the odds of an unexpected scenario at just 2%, reinforcing the prevailing sentiment that Bitcoin’s current stability may persist in the days leading up to and following the FOMC meeting.
Amidst this cautious optimism, cryptocurrency enthusiasts remain vigilant, ready to adapt to any surprises the financial markets may have in store.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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