Key Points:
As Bitcoin (BTC) is about to start a new week, key price ranges (above and below the spot price) have been clarified.
The calm weekend is expected to turn volatile due to a new round of macro catalysts.
A "busy week" will see the release of the U.S. inflation indicators that the Federal Reserve is most concerned about.
Bitcoin (BTC) showed a puzzling trend before the weekly close on Sunday, with analysis focusing on the last resistance before historical highs.
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD is hovering just below $116,000.
This indicates that the Bitcoin price is currently in a range between the support at $114,000 and the resistance at $117,200.
According to Cointelegraph, these two ranges have remained the focus of market attention due to fluctuations in the U.S. macroeconomic environment last week.
Rekt Capital summarized on X while sharing related charts: "The retest of the $114,000 (black) support remains valid, but there is resistance around $117,200 (blue)."
Another trader, Daan Crypto Trades, took a broader view, focusing on $112,000 and $118,000 as market barometers.
Daan Crypto Trades stated: "The market is indeed very calm; this is the fourth consecutive weekend of extremely low volatility, and the CME Bitcoin futures market likely did not experience any gaps."
Crypto investor and entrepreneur Ted Pillows also believes that the BTC/USD trend has recently lacked momentum. He posted on X: "Bitcoin has been consolidating around $116,000 for a while."
From a macro perspective, more volatility is expected for crypto and risk assets before the end of September.
The inflation indicator most closely watched by the U.S. Federal Reserve—the Personal Consumption Expenditures (PCE) index—will be released on September 26.
Several Federal Reserve officials, including Chairman Powell, will speak this week, just days after they voted to approve the first rate cut in 2025.
Trading resource The Kobeissi Letter commented on related topics on X, stating that the market will face several important data and events this week.
Kobeissi pointed out that the market will look for clues about the Federal Reserve's future policies in the upcoming macro data, with the next interest rate decision set to be announced on October 29.
According to the CME Group's FedWatch tool, the market generally expects the Federal Reserve to cut rates by another 0.25 percentage points.
Related: VC Perspective: The Traditional Economy is Being "Phased Out," the Internet Economy is Rising
Original article: “Bitcoin (BTC) Traders Focus on Key Price Levels, $116,000 Becomes the Battleground for Bulls and Bears”
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