Key Bitcoin Price Levels Highlighted as BTC Prepares for New Week
Bitcoin (BTC) is poised to start a new week with traders closely watching key price levels above and below the current spot price. After a quiet weekend, volatility is expected to pick up as fresh macroeconomic catalysts emerge.
BTC Price Wedged Between Crucial Levels
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering just below $116,000. The price remains trapped between support at $114,000 and resistance at $117,200. These levels have been significant throughout the past week as Bitcoin reacted to US macroeconomic volatility triggers.
Popular trader and analyst Rekt Capital noted that the retest of $114,000 as support continues to hold strong, while resistance around $117,200 remains firm. This has resulted in a range-bound price action, leaving the market to determine the strength of the $117,200 resistance in the coming days.
Another trader, Daan Crypto Trades, provided a broader perspective, highlighting $112,000 and $118,000 as critical levels to watch for market cues. He pointed out that this marked the fourth consecutive weekend with minimal volatility and no noticeable gaps in the CME Group’s Bitcoin futures market. Daan stated, “Very little happening indeed. We’ll see where this wants to go next week.”
Crypto investor and entrepreneur Ted Pillows also weighed in on the stagnant movement, noting that BTC has been consolidating around the $116,000 level for some time. He added that if bulls can push Bitcoin past the $117,000 region, a rally could unfold; otherwise, investors might expect a dip followed by a rally in Q4.
New Week Brings Potential Fed-Induced Volatility
The macroeconomic outlook suggests increased volatility for cryptocurrencies and broader risk assets toward the end of September. A key event this week is the release of the US Federal Reserve’s favored inflation gauge—the Personal Consumption Expenditures (PCE) index—scheduled for September 26.
Alongside the PCE data, several Federal Reserve officials, including Chair Jerome Powell, are expected to speak throughout the week. These developments come shortly after the Fed’s decision to enact the first interest-rate cut of 2025.
Trading resource The Kobeissi Letter commented that the market will be focused on these updates for clues about future Fed policy, especially with the next interest rate decision set for October 29. Data from CME Group’s FedWatch Tool indicates that markets are overwhelmingly expecting another 0.25% rate cut.
Disclaimer: This article does not provide investment advice or recommendations. Trading and investment decisions carry risk, and readers should conduct their own research before making any financial moves.
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