As the new week begins, Bitcoin (BTC) traders are focusing on key price levels above and below the spot price, with the cryptocurrency hovering around $116,000. The quiet weekend is expected to give way to increased volatility as fresh macro catalysts emerge. According to analysts, the upcoming week will be a “busy” one, with the release of the US Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) index, scheduled for September 26.
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD is currently wedged between support and resistance levels at $114,000 and $117,200, respectively. Popular trader and analyst Rekt Capital notes that the price has been successfully retesting the $114,000 support level, but faces resistance at around $117,200. This has resulted in a range-bound construction, with the strength of the $117,200 resistance level yet to be determined. Rekt Capital shared a corresponding chart on X, highlighting the key levels to watch.
Fellow trader Daan Crypto Trades has a broader view, focusing on $112,000 and $118,000 as key levels to watch for market cues. He acknowledges that the weekend has seen little volatility, with no gap created in the CME Group’s Bitcoin futures market. Daan Crypto Trades notes that the main short-term levels to watch are $112,000 and $118,000, and the market’s next move will depend on these levels. Crypto investor and entrepreneur Ted Pillows also agrees that the lack of movement on BTC/USD is notable, stating that the price has been consolidating around the $116,000 level for some time.
If bulls are able to push Bitcoin above the $117,000 region, a rally could occur, according to Ted Pillows. Otherwise, the plan may be a dump followed by a rally in Q4. The macro outlook is expected to provide more volatility for crypto and risk assets into the end of September. The US Federal Reserve’s decision to enact the first interest-rate cut of 2025 has set the stage for a busy week, with various Fed officials, including Chair Jerome Powell, scheduled to speak. Markets will be looking for hints on future Fed policy in the upcoming macro data, with the next interest-rate decision due on October 29.
According to data from CME Group’s FedWatch Tool, markets are overwhelmingly confident that another 0.25% cut will result. The Kobeissi Letter, a trading resource, notes that the upcoming week will be busy, with the release of the PCE index and speeches from Fed officials. The letter highlights the importance of watching for hints on future Fed policy in the macro data. For more information on Bitcoin and the crypto market, visit the original source.
