Bitcoin (BTC) experienced a slight decline on September 21, dropping from $27,000. This drop came following the latest macroeconomic events in the United States. BTC showed signs of weakening prior to the opening of Wall Street, decreasing by approximately 1.5% on the day.
Interestingly, Bitcoin did not react strongly to the Federal Reserve’s decision to pause interest rates, nor to the speech and press conference by Chair Jerome Powell. It seemed as if BTC was unaffected by these catalysts. Additionally, news about the delayed payouts to creditors of the defunct exchange Mt. Gox also went unnoticed by the markets.
According to popular trader Jelle, BTC was rangebound until proven otherwise. He stated that while the price remained the same, the announcement of a rate pause was no longer a concern, allowing BTC to potentially break free from the current structure it has been in for over a year. Jelle even shared a chart showing a massive cup and handle pattern forming below $30k, indicating the possibility of higher prices.
Another trader, Crypto Tony, emphasized the importance of BTC staying above $26,800 by the end of the week. He suggested that if this level was maintained, it could lead to a bullish high and potential long positions.
Looking at longer timeframes, trader Crypto Ed expressed suspicion about the recent rise to $27,500 and shared a chart showing spot offloading at that level. This raised concerns for a potential downside in BTC’s price.
Similarly, analyst Rekt Capital maintained a conservative view, predicting a downside in BTC’s price. He highlighted that the support at $27,150 on the monthly chart had now become resistance.
It is important to note that this article does not provide investment advice or recommendations. All investment and trading decisions involve risks, and individuals should conduct their own research before making any decisions.
In conclusion, Bitcoin experienced a slight decline following macroeconomic events in the United States. Despite the lack of reaction to significant catalysts, traders and analysts expressed varying views on the future direction of BTC’s price. Some remained bullish, while others predicted a downside. As always, caution is advised when making investment decisions.