Bitcoin analysis predicts 'spicy' BTC price into FOMC as $27K holds
Bitcoin (BTC) held $27,000 into Sep. 20 as the key macroeconomic date of the cryptocurrency trading week arrived.
Data from Cointelegraph Markets Pro and TradingView showed the BTC price focus shifting upward compared to the week prior.
Crypto markets showed conviction into the decision on interest rates by the United States Federal Reserve. The Federal Open Market Committee (FOMC) was due to announce its latest changes at 2pm Eastern time on the day.
As Cointelegraph reported, expectations almost unanimously favored rates staying at current levels, with the odds still at 99% at the time of writing, per data from CME Group’s FedWatch Tool.
“The market is pricing a 99% probability that the Fed are on hold at this meeting. And the data is conducive for that, core CPI inflation is now running at the Fed’s target on a 3-month annualized basis,” financial commentator Tedtalksmacro told X subscribers in part of his latest analysis.
Despite this, the event was tipped to deliver short-term volatility.
Analyzing the state of the BTC/USD order book on largest global exchange Binance, monitoring resource Material Indicators said that liquidity around spot price was noticeably thin.
“If one thing in particular stands out, it's that liquidity is thinly distributed through the range,” part of its commentary stated.
Material Indicators added that the subsequent speech and press conference from Fed Chair Jerome Powell should lead to further “spicy” BTC price action.
An accompanying chart showed some bid-side liquidity parked at $26,650, while substantial bids still only at $25,000. To the upside, sellers lay in wait at $27,450 — the local BTC price high from September.
Continuing, others hoped for some range levels to be challenged as part of
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