BTC could extend its muted price action near the range low and spike after the Fed decision on 20 September.
of traders polled were inclined towards an unchanged Fed rate target range of 5.25% – 5.5%. So, a repeat of the June price action couldn’t be overruled if the Fed pauses the rate hike.
BTC fronted an impressive recovery in mid-June after the Fed pause rate hike alongside hype around ETF filing from BlackRock and other firms.After the mid-August dump, BTC price action was muted near the range-low of $25.8k. The 6% pump on 29 August was catalyzed by Grayscale’s win against the US SEC. But the win was short-lived, exposing BTC to a retraction to the range-low again.
The retraction left a price imbalance of $26.1k – $27.0k . Besides, price action was below the 50-EMA and could act as a dynamic resistance before the Fed’s decision. So, BTC could attempt to fill the price imbalance and retest mid-range near $27k if the Fed’s decision is favorable. Conversely, sellers could gain more leverage if they crack the daily bullish order block of $24.8k – $26k . Such a move could ease at the next support and weekly bullish OB of $21.4k – $23.45k .
Meanwhile, the RSI struggled to cross above the 50 mark since mid-July, reinforcing weakened buying pressure. The CMF also followed RSI’s trend but crossed above zero on 4 September, indicating capital inflows to the BTC market improved in the past week.
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