Highlights:
Crucial Bitcoin price levels are poised to shift as BTC enters a new week.
A calm weekend is expected to lead to volatility as new macro factors emerge.
A “busy week” is on the horizon with the release of the Federal Reserve’s key inflation measure.
Bitcoin (BTC) kept traders in suspense as it approached Sunday’s weekly close, with attention on the final barrier before previous all-time highs.
BTC price caught between key levels
Data from Cointelegraph Markets Pro and TradingView indicated BTC/USD remained below $116,000.
This meant the price was trapped within support at $114,000 and resistance at $117,200.
As reported by Cointelegraph, both levels garnered attention last week amidst US economic volatility.
“The retest of $114k (black) as support continues to be effective, but there is resistance around ~$117.2k (blue),” trader and analyst Rekt Capital summarized alongside a corresponding chart on X.
“This results in a range-bound scenario, and we will soon determine how resistant $117.2k really is.”
Another trader, Daan Crypto Trades, suggested a broader view, pointing to $112,000 and $118,000 for market indicators.
“Things are quite stagnant. This is now the fourth consecutive weekend with minimal volatility, likely resulting in no gaps,” he noted, referring to weekend “gaps” in CME Group’s Bitcoin futures market.
“We’ll see where this heads next week. Key short-term levels for me are $112K & $118K.”
Investor and entrepreneur Ted Pillows concurred on the stagnant movement of BTC/USD.
“It has been trading sideways around $116,000 for a while,” part of an X post stated.
“If bulls can push Bitcoin past the $117,000 mark, a rally could follow. Otherwise, the outcome may be a dip followed by a rally in Q4.”
Bitcoin braces for a week of Fed-induced volatility
The macro outlook seemed poised to deliver increased volatility for crypto and risk assets as September draws to a close.
Related: Bitcoin’s $150K target emerges as analysts predict imminent all-time highs
The US Federal Reserve’s preferred measure of inflation, the Personal Consumption Expenditures (PCE) index, is scheduled for release on Sept. 26.
Multiple Fed officials, including Chair Jerome Powell, are expected to speak throughout the week, shortly after voting for the first interest-rate cut of 2025.
“We have another busy week ahead,” trading resource The Kobeissi Letter commented in an X thread.
Kobeissi highlighted that markets would seek indications of future Fed policy in the upcoming macro data, with the next interest-rate decision anticipated on Oct. 29.
Data from CME Group’s FedWatch Tool reflected strong market confidence in an additional 0.25% cut.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making decisions.
