Bitcoin (BTC) slipped from $27,000 on Sept. 21 as the dust settled on the latest United States macroeconomic events.
Bitcoin: “Rangebound until proven otherwise”
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.”
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.
#Bitcoin is forming a massive cup & handle pattern below $30k.— Jelle (@CryptoJelleNL) September 21, 2023
Some argue it's not a valid pattern, while others anticipate a big breakout.
I expect higher prices. What do you think? pic.twitter.com/LIkKZTXBUB
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 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.
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.”
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