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- In a period dominated by the frenzy surrounding the Spot Bitcoin ETF, the price of Bitcoin (BTC) continues to hover in a relatively weak zone.
- Bitcoin managed to climb above $26,000 yesterday and today, but this was short-lived, and it is currently trading around $25,700.
- In the near future, Bitcoin’s price may see volatility around the Federal Open Market Committee (FOMC) meeting scheduled for September 19-20.
Bitcoin’s Price Climbed Above $26,000 But Couldn’t Hold; What Levels Are Critical for the Sustainability of Bitcoin’s Recovery?
Requirements for Bitcoin Price Recovery
In a period dominated by the frenzy surrounding the Spot Bitcoin ETF, the price of Bitcoin (BTC) continues to hover in a relatively weak zone. However, analysts predict that the strength shown around specific price levels could indicate the underlying recovery strength of the cryptocurrency.
While Bitcoin has mostly stayed below $26,000 over the past 30 days, it appears to be lacking support below $25,400. Bitcoin managed to climb above $26,000 yesterday and today, but this was short-lived, and it is currently trading around $25,700.
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In this context, Mike McGlone, a senior macro strategist at Bloomberg, noted that the current momentum metric is pointing downwards and that BTC needs a strong reversal trend to return to a bullish trend:
“Respecting the trend will be until proven otherwise.”
McGlone explained that BTC staying above the 100-week moving average, which is just above $30,000, would demonstrate recovery strength. After the recent court decision to convert Grayscale’s Bitcoin Trust into a Spot Bitcoin ETF, BTC experienced a sharp rise on August 29, 2023. However, this increase was short-lived after the SEC delayed decisions on Bitcoin ETF applications from companies like Blackrock, Bitwise, and Fidelity.
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Short-Term Macro Impact
In the near future, Bitcoin’s price may see volatility around the Federal Open Market Committee (FOMC) meeting scheduled for September 19-20. According to CME FedWatch Tool, traders see a 93% probability of the U.S. Federal Reserve maintaining the current target rate between 525-550 basis points.
Based on recent FOMC meetings and Bitcoin price movements around them, it appears that there might not be much volatility if Federal Reserve officials announce that there won’t be an interest rate hike. However, traders will be waiting for Fed Chairman Jerome Powell’s statements regarding future meetings and forecasts.
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