Summary:
Key Bitcoin price thresholds are being monitored as BTC enters a new week.
A tranquil weekend is expected to transition into volatility with emerging macroeconomic factors.
A “busy week” ahead will feature the release of the Federal Reserve’s preferred US inflation measure.
As Sunday’s weekly close approached, Bitcoin (BTC) kept traders on their toes while analysis emphasized the last resistance point before reaching all-time highs.
BTC price caught between critical levels
Data from Cointelegraph Markets Pro and TradingView indicated that BTC/USD was trading just below $116,000.
This positioning placed the price in a tight range between support at $114,000 and resistance at $117,200.
As highlighted by Cointelegraph, both significant levels were monitored during the past week as the price responded to triggers from US macroeconomic volatility.
“The retest of $114k (black) into support continues to succeed, yet there’s resistance at approximately $117.2k (blue),” noted trader and analyst Rekt Capital in a summary shared on X.
“This indicates a range-bound situation, and we will soon determine how robust or fragile the resistance at $117.2k truly is.”
Another trader, Daan Crypto Trades, had a broader perspective, looking at $112,000 and $118,000 for market insights.
“There’s very little activity, indeed. It’s now the fourth consecutive weekend that has shown minimal volatility, likely not creating any gaps,” he observed, regarding weekend “gaps” in CME Group’s Bitcoin futures market.
“We’ll see where the market heads next week. The key short-term levels for me to monitor are $112K & $118K.”
Crypto investor and entrepreneur Ted Pillows concurred on the stagnation in BTC/USD movement.
“BTC has been consolidating around the $116,000 mark for a while,” he stated as part of an X post reported.
“If bulls can elevate Bitcoin above the $117,000 area, a rally may follow. Otherwise, we might see a downturn followed by a rally in Q4.”
Bitcoin encounters new week of Fed-induced volatility
The macroeconomic perspective appeared poised to introduce further volatility for both crypto and risk assets as September comes to a close.
Related: Analyst projects Bitcoin price to reach $150K as timeline narrows towards all-time highs
The Federal Reserve’s “preferred” inflation measure, the Personal Consumption Expenditures (PCE) index, was scheduled for release on September 26.
Several Fed officials, including Chair Jerome Powell, were set to speak throughout the week, shortly after voting to implement the first interest rate cut of 2025.
“We have a busy week ahead,” commented trading resource The Kobeissi Letter in a thread on X.
Kobeissi noted that markets would be watching for signals regarding future Fed policies based on the forthcoming macro data, with the next interest rate decision set for October 29.
Data from CME Group’s FedWatch Tool indicated significant market confidence in a potential 0.25% rate cut.
This article does not provide investment advice or recommendations. Every investment and trading move carries risks, and readers should perform their own research before making decisions.
