Cointelegraph Team
Cointelegraph
Bitcoin (BTC $26,731) slipped from $27,000 on Sept. 21 as the dust settled on the latest United States macroeconomic events.
BTC/USD 1-hour chart. Source: TradingView
Bitcoin: “Rangebound until proven otherwise”
Data from Cointelegraph Markets Pro and TradingView showed BTC price strength waning prior to the Wall Street opening, down by around 1.5% on the day.
Bitcoin had delivered a cool reaction to the Federal Reserve’s interest rate pause, and Chair Jerome Powell’s speech and press conference likewise failed to spark major volatility.
Contrary to the expectations of many, BTC price action acted as if no catalysts were present at all. Later, news that payouts to creditors of defunct exchange Mt. Gox had been delayed by another year also went unnoticed by markets.
“The Fed’s announcement of a rate pause caught exactly no-one by surprise,” popular trader Jelle summarized to X (formerly Twitter) subscribers.
Price is still in the same spot, but at least now we don’t have FOMC hanging over our heads. Rangebound until proven otherwise.
BTC/USD annotated chart. Source: Jelle/X
Jelle’s underlying longer-term roadmap remained bullish, suggesting an exit higher from the current structure, in play for more than a year, was still possible.
Continuing, fellow trader Crypto Tony reiterated the importance of maintaining $26,800 into the weekly close.
“So my plan was to long while we remained above $26,800 and thus far that is what we are doing,” he commented on the day.
Certainly came down a bit so up to the bulls now to end this week on a bullish high.
BTC/USD annotated chart. Source: Crypto Tony/X
BTC monthly close focus sharpens
Covering the impetus for the post-Fed drop, trader Crypto Ed suggested that the prior tap of month-to-date highs could be a cause for suspicion.
Related: Bitcoin all-time high in 2025? BTC price idea reveals ‘bull run launch’
On longer timeframes, trader and analyst was also conservative, preserving his existing theory of BTC price downside to come.
On the monthly chart, he added, support at $27,150 had flipped to resistance.
“The BTC Monthly level of ~27150 was lost as support last month,” part of his commentary from the past 24 hours read.
Now $BTC is rejecting from the same level ~$27150 is acting as resistance for the time being.
BTC/USD annotated chart. Source: Rekt Capital/X
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Blur price likely to extend losses to 42% as whale investors dump BLUR tokens
Blur price rallied 352% in just 43 days between October 12 and November 24, which propelled it to create a local top at $0.685. While this move is impressive, BLUR has already shed 26% and trades at $0.502. A minor pullback is likely before the altcoin drops even lower.
Charles Hoskinson says, “There was no Cardano ICO”; argues Bitcoin is not decentralized
Cardano is known as the third-generation cryptocurrency and, at times, even the "Ethereum killer" but never as “not a security”. For that matter, the Securities and Exchange Commission, to date, has only named Bitcoin as "not a security," and XRP partially won that label following its lawsuit win.
Terra Classic price recovery rally hiccups as LUNC meets key barrier amid USTC related hype
Terra Classic is on a recovery rally, ploughing back to recover the ground lost after a steep fall as the price action consolidated within a descending parallel channel. The $0.00005234 support floor came into play, providing the launchpad for a recovery.
YGG price remains stable despite $6.05 million worth of tokens entering the market
YGG price was expected to take a hit on November 27 in lieu of the token unlock event that took place during the day. Interestingly, this was not the case as the altcoin managed to not only deflect damage but also retain investors’ profits.
Three key BTC accumulation levels before ETF approval in January 2024
Bitcoin, from a high time-frame perspective, has been in an up-only trend since the start of 2023. BTC has ignored many sell signals due to the likelihood of an Exchange-Traded Fund approval. With the holidays around the corner, falling liquidity could see BTC discounted from its current level, hovering around the $37,000 region.