Bitcoin Drifts Toward $115,000 into the Weekly Close Ahead of a Key Macro Week
- BTC needs a weekly close above $114,000 to stay “bullish,” analysis says.
- Markets are convinced that the Federal Reserve will cut interest rates next week.
Bitcoin (BTC) hovered near weekend lows as it approached Sunday’s weekly close, gearing up for a significant week ahead for both crypto and risk assets.
According to data from TradingView, BTC/USD declined toward $115,000.
The pair managed to dodge major volatility following the final Wall Street trading session of the week, during which it reached $116,800 — the highest point since August 23.
“Pretty clear price is being walked down here yet again going into a new week,” popular trader Skew remarked about the recent price action in a post on X.
Skew highlighted “some pretty decent bid depth & liquidity just below $115K” present in exchange order books.
Meanwhile, market participants remained composed regarding the short-term outlook, with well-known trader and analyst Rekt Capital adopting a methodical approach.
“The goal isn’t for Bitcoin to break $117k in the short-term,” he noted in his latest post on X.
Rekt Capital was among those predicting new all-time highs during the ongoing bull market, asserting that Bitcoin couldn’t have peaked at $124,500.
More Read
A weekly close above $114,000 would be regarded as “bullish,” he further stated on that day.
The upcoming week’s major highlight is the US Federal Reserve’s interest rate decision.
As reported, the market is unanimous in its expectation for policymakers to cut rates by at least 0.25%. Favorable macro data from the US further strengthens this belief.
In its latest market update on September 11, trading firm Mosaic Asset Company expressed optimism for risk assets’ performance in Q4 and beyond.
“The combination of improving leading indicators, ongoing loose financial conditions, and strong market breadth that includes participation by cyclical industries favors an ongoing economic expansion in my opinion,” the author stated.
This article does not provide investment advice or recommendations. All investments and trading moves come with risks, and readers should conduct thorough research before making any decisions.
