Bitcoin traders brace for US macro data, Fed as BTC price bounces 2%

Bitcoin rebounded toward cardinal guidance connected Sept. 26 arsenic markets awaited caller United States macro data.

BTC/USD 1-hour chart. Source: TradingView

BTC value bull signals statement up

Data from Cointelegraph Markets Pro and TradingView confirmed 2% Bitcoin (BTC) value gains connected nan time aft bulls rescued a dip to $62,700.

Still pinned beneath a wall of inquire liquidity astatine $65,000, BTC/USD nevertheless showed signs that upward momentum could continue.

“Systematic uptrend still holds,” celebrated trader Skew summarized successful portion of his latest contented connected X.

Skew named 3 basal factors now coming connected four-hour timeframes: value trending pinch exponential moving averages (EMAs), nan comparative spot scale (RSI) measuring much than 50 and spot buyers bidding.

“Going to person to spot immoderate beardown spot travel going into extremity of week to resoluteness upwards,” he concluded.

BTC/USDT 4-hour chart. Source: Skew

While opinions connected nan market’s expertise to break done guidance were mixed, semipermanent perspectives remained positive.

Fellow trader Daan Crypto Trades described BTC/USD arsenic being successful a “$65,000 waiting room.”

“Even if BTC ends up sweeping 65K and rejecting, which wouldn’t beryllium great, it would still make consciousness to astatine slightest expanse nan level for liquidity purposes,” he said. 

“The longer we waste and acquisition beneath it though, nan much apt I deliberation it is we clasp it if it breaks.”

An accompanying floor plan showed Bitcoin successful nan process of reclaiming its 200-day moving average, a trendline hardly interacting pinch spot value since July.

BTC/USD 1-day chart. Source: Daan Crypto Trades

Bitcoin faces caller “key macro events”

Markets were poised to digest US Q2 GDP data, on pinch first jobless claims accompanied by speaking appearances of elder Federal Reserve officials, including Chair Jerome Powell.

Related: $70K adjacent for Bitcoin? China joins Fed successful ‘huge macro event’

Powell’s dovish reside had antecedently group nan segment for US financial argumentation easing successful nan shape of interest complaint cuts, now being repeated by cardinal banks worldwide.

As Cointelegraph reported, traders spot nan resulting liquidity influx arsenic highly cathartic to risk-asset value performance, including Bitcoin and altcoins.

“Key macro events to watch coming see nan US GDP reference and Fed Chair Powell’s comments,” trading patient QCP Capital told Telegram transmission subscribers connected nan day. 

“The marketplace will beryllium pursuing Powell’s reside intimately for indications of immoderate shifts successful sentiment pursuing past Thursday’s FOMC property conference, which signaled imaginable for further easing.”

This article does not incorporate finance proposal aliases recommendations. Every finance and trading move involves risk, and readers should behaviour their ain investigation erstwhile making a decision.