Bitcoin Adjusts, Awaiting Fed’s Move on September 18
Updated
The 34 EMA at 58,753 USDT and 89 EMA at 60,759 USDT are both above the current price, indicating a short-term bearish trend.
RSI is at 42.31, suggesting the market is slightly oversold. A rebound in RSI could signal short-term price recovery.
BTCUSDT may trade in a narrow range near the support level before retesting the 61,500 USDT resistance (descending trendline) for the next move.
The market is focused on the Fed's interest rate decision on September 18. If the Fed cuts rates, it could drive Bitcoin and the broader crypto market higher.
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BTCUSDT is trading at $57,809, up 0.84% in the past 24 hours. After bouncing from support at $56,600, it remains in a descending channel. Analysts suggest caution, with possible consolidation before either a breakout above $58,000 or further corrections.Related publications
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