- The price of Bitcoin (BTC) is holding above $26,000 on Sept. 25, continuing to show weakness after last week’s United States Federal Reserve interest rate decision.
- Fed officials decided to keep interest rates unchanged, but projections released after the Fed meeting showed that most officials favor increasing rates one more time in 2023. BTC price is down 4.25% since.
- Higher interest rates have proven to be bearish for non-yielding assets like Bitcoin recently, leading to an inverse relationship with the US Dollar Index (DXY).
- Bulls are hopeful for the approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) in October, citing the success of the first gold ETF in 2003.
- Bitcoin’s volatility has decreased significantly in recent months.
- Long-term Bitcoin sentiment remains stable, with most long-term holders still profitable.
- Short-term holders have been securing their profits and accumulating BTC at higher prices.
- Multiple Bitcoin chart analysts predict a bullish trend in late 2023 and throughout 2024, citing factors such as the Bitcoin halving and a Megaphone pattern.
- In the shorter term, Bitcoin price technicals suggest a potential head-and-shoulders pattern, with a bearish target around $25,400 in October.
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.
