As of 14:04 UTC on Sept. 17, Bitcoin was priced at $116,236, reflecting a roughly 1% increase over the last 24 hours while remaining above a crucial threshold as traders await the Federal Reserve’s policy announcement.
Analysts’ Insights
Dean Crypto Trades observed on X that Bitcoin sits about 7% above its local peak following the election, whereas the S&P 500 has gained 9% and gold has skyrocketed 36% in the same timeframe. He suggested that Bitcoin has tightened more than these assets, making it likely to lead the next significant movement, even though it might initially create a “lower high” before progressing further. He also noted that Ether could participate once it surpasses $5,000 and enters price discovery.
Lark Davis highlighted Bitcoin’s historical patterns surrounding September FOMC meetings, indicating that every September decision since 2020—except during the 2022 bear market—has been followed by a strong rally. He emphasized that this trend is more about seasonal patterns than the Fed’s rate decision itself, arguing that Bitcoin typically performs well in the lead-up to “Uptober.”
CoinDesk Research’s Technical Analysis
Data from CoinDesk Research’s technical analysis model indicates that Bitcoin increased by approximately 0.9% during the analysis window from Sept. 16–17, climbing from $115,461 to $116,520. BTC reached a session peak of $117,317 at 07:00 UTC on Sept. 17 before entering a consolidation phase.
After that peak, Bitcoin tested the $116,400–$116,600 range multiple times, establishing it as a short-term support zone. In the last hour of the session, between 11:39 and 12:38 UTC, BTC attempted a breakout: prices fluctuated between $116,351 and $116,376 before spiking to $116,551 at 12:34 on increased volume. This confirmed a consolidation-breakout pattern, though the resultant gains were modest.
In summary, Bitcoin remains stable above $116,000, with support around $116,400 and resistance near $117,300.
Recent 24-hour and One-Month Chart Analysis
The latest 24-hour CoinDesk Data chart, concluding at 14:04 UTC on Sept. 17, shows BTC at $116,236 after retreating from intraday highs close to $117,295. The price has stabilized within the $116,000–$116,500 range, highlighting short-term support.
The one-month chart indicates that Bitcoin has risen from lows near $108,000 in late August to recent peaks over $117,000. The ongoing trend is upward; however, the most recent sessions indicate some consolidation, suggesting the market may be pausing before its next significant move.
