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Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
- 97% of interest rate traders were leaning towards a Fed interest rate pause in September.
- Longer-term market structures were bullish at the time of writing.
Bitcoin [BTC] closed on September 13 and 14 in green after the American CPI (Consumer Price Index) facts for August indicated a moderate increase in consumer prices.
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The data confirmed a likely Fed rate pause at the September 20 FOMC meeting 97% of interest rate traders were inclined to maintain the current target of 5.25% – 5.50%.
Can Bitcoin Reclaim $27,000?
Source: BTC/USDT on TradingView
Expectations of a likely Fed rate pause in September pushed BTC above the previous high of $26.4k on the H4 chart, effectively turning the market structure bullish.
Moreover, the price action was above H4 50-EMA (Exponential Moving Average) of $26.48k at the time of writing. Despite the retracement at the time of writing, BTC could target the mid-level near $27,000, or the high.
But sellers could benefit from a price rejection in the mid-range or below $26.48k and the H4 50-EMA decline. If so, the weakening could lead to a reversal to the low end of the range near $25.8k.
Meanwhile, the RSI was rejected in the overbought area but was still in the upper range, indicating that buying pressure subsided somewhat.
On the other hand, the CMF crossed zero, underscoring improved capital inflows in the last few hours before this article went to press.
Demand for Bitcoin improved, but…
Source: Coinalyse
Open Interest rates rose from $7.5 billion on September 11 to >$8 billion at the time of writing (Asian afternoon trading session on September 15). This shows that the demand for BTC has increased during the same period.
How many Worth 1,10,100 BTC today?
But the CVD (Cumulative Volume Delta) spot only improved from September 13, indicating that bulls are gaining more influence over the market.
Nevertheless, fluctuations in financing rates from September 14 onwards could limit further substantial upward movement over the weekend. A reversal near the mid-range could therefore not be overruled.