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/NFD7qcfAnCpic.twitter.com/4gWXpEDfsX
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%.
Fed target rate probabilities chart. Source: CME Group
As Cointelegraph reported, however, Bitcoin has recently cooled its kneejerk reactions to macro data prints, and going into FOMC, some believed that the status quo would remain.
“Next weeks FOMC and Interest Rate decisions should induce some volatility, but BTC will likely continue to trade within $25k – $27k in the short-term…,” popular trader Crypto Santa concluded in part of recent X commentary.
BTC/USD annotated chart. Source: Crypto Santa/X
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