Highlights:
Key Bitcoin price thresholds above and below the current spot price are identified as BTC enters a new week.
A tranquil weekend is expected to transition into volatility as new macroeconomic forces emerge.
An action-packed week is anticipated with the release of the Federal Reserve’s preferred measure of US inflation.
Bitcoin (BTC) left traders speculating as Sunday’s weekly close approached, with focus on the last resistance point before reaching all-time highs.
BTC price trapped between critical levels
Data from Cointelegraph Markets Pro and TradingView indicated BTC/USD stabilizing just under $116,000.
This positioned the price trapped between support and resistance at $114,000 and $117,200, respectively.
As reported by Cointelegraph, both levels were monitored throughout the previous week as prices reacted to US economic volatility triggers.
“The retest of $114k (black) as support continues to succeed, but there is resistance around ~$117.2k (blue),” remarked trader and analyst Rekt Capital summarized with a corresponding chart post on X.
“This creates a range-bound structure, and we will soon discover how strong or weak the resistance at $117.2k truly is.”
Trader Daan Crypto Trades took a broader perspective, highlighting $112,000 and $118,000 as key market indicators.
“Indeed, there hasn’t been much activity. This marks the fourth consecutive weekend of limited volatility and likely no gaps created,” he pointed out, referencing the weekend “gaps” in CME Group’s Bitcoin futures market.
“Let’s see where this heads next week. The primary short-term levels to monitor for me are $112K & $118K.”
Crypto investor and entrepreneur Ted Pillows echoed the sentiment about BTC/USD’s stagnation.
“It has remained steady around the $116,000 mark for quite some time,” he stated in an X post remarked.
“If bulls can push Bitcoin past the $117,000 level, a rally might ensue. Otherwise, we may witness a decline followed by a rally in Q4.”
Bitcoin braces for a week of Fed-induced volatility
The macroeconomic landscape appears poised to introduce more volatility for cryptocurrencies and risk assets as September comes to a close.
Related: Bitcoin price target of $150K emerges as analyst anticipates approach to all-time highs
The US Federal Reserve’s “preferred” inflation measure, the Personal Consumption Expenditures (PCE) index, is scheduled for release on Sept. 26.
A range of Fed officials, including Chair Jerome Powell, are set to speak throughout the week, following their decision to implement the first interest-rate cut of 2025.
“We have an action-packed week ahead,” commented trading resource The Kobeissi Letter in an X thread.
Kobeissi emphasized that markets will be seeking insights on forthcoming Fed policy in the upcoming macroeconomic data, with the next interest-rate decision expected on Oct. 29.
Data from CME Group’s FedWatch Tool indicated that markets are highly confident another 0.25% cut will occur.
This article does not contain investment advice or recommendations. All investments and trading moves involve risks, and readers are advised to conduct their own research before making decisions.
