Bitcoin traders brace for US macro data, Fed as BTC price bounces 2%
Bitcoin ( BTC ) 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% 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 4-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/X
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 argued .
“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/X
Bitcoin faces new “key macro events”
Markets were poised to digest US Q2 GDP data, along with initial jobless claims, these accompanied by speaking appearances by 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 , this 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 U.S. 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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
FIFA Teams Up with Mythical Games to Launch Blockchain-Powered Mobile Soccer Game
Romania Makes History by Using Blockchain to Secure Presidential Election Votes
1inch Now Lets You Swap Tokens Across Different Blockchains
Ripple’s Legal Chief Calls for SEC Reform and Clearer Crypto Regulations