Bitcoin traders brace for US macro data, Fed as BTC price bounces 2%
2024.09.26 09:12
Bitcoin rebounded toward key resistance on Sept. 26 as markets awaited fresh United States macro data.
BTC/USD 1-hour chart. Source: TradingView
BTC price bull signals line up
Data from Cointelegraph Markets Pro and TradingView confirmed 2% Bitcoin (BTC) price gains on the day after bulls rescued a dip to $62,700.
Still pinned below a wall of ask liquidity at $65,000, BTC/USD nonetheless showed signs that upward momentum could continue.
“Systematic uptrend still holds,” popular trader Skew summarized in part of his latest content on X.
Skew named three essential factors now present on four-hour timeframes: price trending with exponential moving averages (EMAs), the relative strength index (RSI) measuring more than 50 and spot buyers bidding.
“Going to have to see some strong spot flow going into end of week to resolve upwards,” he concluded.
BTC/USDT 4-hour chart. Source: Skew
While opinions on the market’s ability to break through resistance were mixed, long-term perspectives remained positive.
Fellow trader Daan Crypto Trades described BTC/USD as being in a “$65,000 waiting room.”
“Even if BTC ends up sweeping 65K and rejecting, which wouldn’t be great, it would still make sense to at least sweep the level for liquidity purposes,” he said.
“The longer we trade below it though, the more likely I think it is we hold it if it breaks.”
An accompanying chart showed Bitcoin in the process of reclaiming its 200-day moving average, a trendline barely interacting with spot price since July.
BTC/USD 1-day chart. Source: Daan Crypto Trades
Bitcoin faces new “key macro events”
Markets were poised to digest US Q2 GDP data, along with initial jobless claims accompanied by speaking appearances of senior Federal Reserve officials, including Chair Jerome Powell.
Related: $70K next for Bitcoin? China joins Fed in ‘huge macro event’
Powell’s dovish tone had previously set the scene for US financial policy easing in the form of interest rate cuts, now being repeated by central banks worldwide.
As Cointelegraph reported, traders see the resulting liquidity influx as highly cathartic to risk-asset price performance, including Bitcoin and altcoins.
“Key macro events to watch today include the US GDP reading and Fed Chair Powell’s comments,” trading firm QCP Capital told Telegram channel subscribers on the day.
“The market will be following Powell’s speech closely for indications of any shifts in sentiment following last Thursday’s FOMC press conference, which signaled potential for further easing.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
