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Bitcoin (BTC) fell below $27,000 on September 21 as the effects of recent macroeconomic developments in the United States became clearer.
BTC/USD 1-hour chart. Source: TradingView
Bitcoin: “Rangebound until proven otherwise”
Data from Cointelegraph Markets Pro and TradingView indicated that BTC’s price momentum was diminishing ahead of the Wall Street opening, decreasing by approximately 1.5% for the day.
Bitcoin’s response to the Federal Reserve’s decision to pause interest rates was muted, and Chair Jerome Powell’s subsequent speech and press conference did not generate significant volatility.
In contrast to many expectations, BTC’s price movements suggested a lack of impactful catalysts. Additionally, news regarding the postponement of payouts to creditors of the bankrupt exchange Mt. Gox for another year also went largely unnoticed by the market.
“The Fed’s announcement of a rate pause caught exactly no-one by surprise,” noted popular trader Jelle in a summary to X (formerly Twitter) followers.
“Price remains in the same position, but at least now we don’t have FOMC looming over us. Rangebound until proven otherwise.”
BTC/USD annotated chart. Source: Jelle/X
Jelle’s broader long-term outlook remained optimistic, indicating that a breakout from the current structure, which has been in place for over a year, is still feasible.
#Bitcoin is forming a significant cup & handle pattern below $30k.
Some believe it’s not a valid pattern, while others expect a substantial breakout.
I anticipate higher prices. What are your thoughts? pic.twitter.com/LIkKZTXBUB— Jelle (@CryptoJelleNL) September 21, 2023
Additionally, fellow trader Crypto Tony emphasized the necessity of maintaining the $26,800 level as the week comes to a close.
“My strategy was to go long as long as we stayed above $26,800, and so far that is what we are doing,” he remarked on the day.
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“Certainly came down a bit, so it’s up to the bulls now to finish this week on a positive note.”
BTC/USD annotated chart. Source: Crypto Tony/X
BTC monthly close focus sharpens
Addressing the reasons behind the post-Fed decline, trader Crypto Ed suggested that the recent approach to month-to-date highs might raise some concerns.
Related: Bitcoin all-time high in 2025? BTC price idea reveals ‘bull run launch’
#BTC
In my recent updates, I expressed my belief that “something” felt off with that recent rise to $27.5k.
Spot (white) selling here could be a warning… pic.twitter.com/oabzVKuOvx— Ed_NL (@Crypto_Ed_NL) September 21, 2023
On longer timeframes, the trader and analyst maintained a cautious stance, upholding his existing theory of potential downside for BTC prices.
#BTC
Bitcoin Bearish Fractal Update$BTC #Crypto #Bitcoin https://t.co/4H3OMiDzFB pic.twitter.com/Gn3iH75DFw— Rekt Capital (@rektcapital) September 21, 2023
He noted that on the monthly chart, support at $27,150 had transitioned to resistance.
“The BTC Monthly level of ~27150 was lost as support last month,” part of his commentary from the past 24 hours stated.
“Now $BTC is rejecting from the same level ~$27150 is acting as resistance for the time being.”
BTC/USD annotated chart. Source: Rekt Capital/X
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
