As is often the case, things remained incredibly quiet about Bitcoin (BTC) over the weekend. There were no violent price fluctuations and so the crypto market had a few days “off”. However, a new week is just around the corner and this morning update highlights everything so you can start this week well prepared.
Bitcoin price ends the week in the green
First of all, the Bitcoin price. While Bitcoin fell to the key support level of $24,800 last week, the week still ended in the green. In fact, Bitcoin rose 2.63 percent last week.
The $24,800 mark was Bitcoin’s low point during BTC’s previous downtrend from June this year. Therefore, the fact that the price held above this level last week and managed to recover is a good thing.
Bitcoin also briefly fell below the 200-week mark last week Exponential moving average (EMA) has traded, but distanced itself from it positively with the weekly closing. This is an important sign of the continuation of the upward trend that we have been following since the beginning of the year.
#BitcoinMy weekly chart looks pretty damn good if you ask me.
Weekly 200W EMA and retest of horizontal support leading to a rebound.
Next goal: $30,000. pic.twitter.com/iW2QImPvsV
– Jelle (@CryptoJelleNL) September 17, 2023
On the way down, $26,200 and $25,800 are the key levels to watch. Last night the price did not fall further than $26,400 and from here the price shot towards the resistance level at 26,700. The price is currently trading just below this level. If price breaks through this, $27,200 will be the next stop in sight.
At the time of writing, the BTC price on the Bybit crypto exchange is $26,650. On the Dutch crypto exchange Bitvavo, the BTC price in euros is 24,976.
Altcoins stable, newcomer TON stands out
If you look at the ten largest cryptocurrencies currently, there are currently hardly any significant price movements. Most altcoins are only under water by a negligible percent. Toncoin (TON), the newcomer to the top 10 that has recently risen enormously, is doing poorly with a decline of 2.12 percent. BNB (BNB) shows the best result of the past day with an increase of 1.26 percent.
Bitcoin this week: Circle this day on your calendar
There’s little exciting on the agenda today, but Wednesday is an important day for Bitcoin that could provide some necessary volatility. The US Federal Reserve will make a new interest rate decision on Wednesday.
At 8:00 p.m. we’ll find out whether the Federal Reserve is expected to leave interest rates unchanged again. We will then be presented with Chairman Jerome Powell’s speech at 8:30 p.m., which may provide insight into the future course of monetary policy.