Bitcoin lines up record fundamentals as BTC price heads into FOMC volatility.
The Sep. 17 weekly close soon gave way to upside volatility, and at the time of writing, bulls are attempting to build on that foundation to crack new month-to-date highs.Popular trader Credible Crypto thus suggested that the weekend zone could well form a “local bottom.”
The weekly close meanwhile excited Michaël van de Poppe, founder and CEO of trading firm Eight, who saw key support holding at the 200-week exponential moving average ..Van de Poppe uploaded a chart showing the interplay between spot price and the 200-week EMA, currently at $25,700, since 2020. If history is a guide, the Sep. 20 decision will induce at least some form of volatility across risk assets, with Bitcoin and crypto no exception., yet markets overwhelmingly believe that the Fed will not raise rates further to combat it.Fed target rate probabilities chart. Source: CME Group
“Fed guidance on Wednesday sets the tone for the next few meetings. Expect to see lots of volatility this week.”3. Fed Interest Rate Decision - Wednesday6. Existing Home Sales data - ThursdayExplaining the likely outcome of FOMC, crypto and macro insight resource Ecoinometrics suggested that the market odds were no surprise based on Fed signals.
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