Bitcoin Disappoints as Fed's Interest Rate Pause Fails to Ignite Volatility
Bitcoin experienced a slight drop from its previous price of $27,000 on September 21st, despite the recent macroeconomic events in the United States. The highly anticipated announcement from the Federal Reserve about their interest rate pause, along with Chair Jerome Powell's speech and press conference, did not have a significant impact on BTC price action. In fact, it seemed as if no market catalysts were present at all, leaving many surprised.
Market Ignores Delay in Mt. Gox Creditors' Payouts
In addition to the lack of response to the Federal Reserve's announcement, news that payouts to creditors of the defunct exchange Mt. Gox had been delayed by a year also went unnoticed by the markets. This development did not affect Bitcoin's price, further highlighting the subdued market sentiment during this period.
Traders Maintain Optimism Despite Lackluster Reaction
Traders remained relatively optimistic, with popular trader Jelle stating that the Fed's rate pause was not unexpected. Fellow trader Crypto Tony also emphasized the importance of BTC holding above $26,800 into the weekly close, expressing satisfaction that this had been the case so far.
Monthly Close Focus Turns to BTC Price Downside
Trader Crypto Ed discussed the potential reasons for the post-Fed drop and suggested that the previous tap of month-to-date highs might be a cause for suspicion. On longer timeframes, another trader and analyst remained cautious, sticking to his theory of Bitcoin price downside. He pointed out that on the monthly chart, the support level at $27,150 had now become resistance.
Please note that this article does not provide investment advice or recommendations. All investment and trading decisions should be made after conducting thorough research and considering the associated risks.
