Bitcoin Hovers Near $116K as fed Data Looms,Analyst Eyes Key Breakout Level
Bitcoin (BTC) is consolidating around the $116,000 level,facing a new week potentially fueled by volatility from upcoming United States Federal Reserve announcements and economic data,including the personal Consumption Expenditures (PCE) index release on Sept. 26. A decisive move above $117,000 could trigger a rally,while failure to break this resistance may led to a short-term dip before a potential rebound in the fourth quarter,according to one analyst.
The macro environment is expected to heavily influence crypto and risk assets as september draws to a close. The Fed’s preferred inflation gauge, the PCE index, will be closely watched, alongside speeches from several Fed officials, including Chair Jerome Powell, following the central bank’s recent decision to enact the first interest-rate cut of 2025.
“It has been consolidating around the $116,000 level for some time now,” stated a recent X post from trader Ted Pillows. ”If bulls are able to push Bitcoin above the $117,000 region, a rally could happen. Otherwise the plan will be a dump followed by a rally in Q4.”
Trading resource The Kobeissi Letter highlighted the busy week ahead, noting that markets will be scrutinizing macro data for clues about future Fed policy, with the next interest-rate decision scheduled for Oct. 29. CME Group’s FedWatch Tool currently indicates strong market confidence in another 0.25% rate cut at that meeting.
