As of 14:04 UTC on September 17, Bitcoin was trading at $116,236, reflecting a slight increase of approximately 1% over the last day. This price action keeps it above a crucial threshold as traders await the Federal Reserve’s upcoming policy statement.
Insights from Analysts
Dean Crypto Trades shared insights on X, highlighting that Bitcoin is currently around 7% higher than its local peak following the elections. In contrast, during this same timeframe, the S&P 500 has appreciated by about 9%, while gold has experienced a remarkable rise of 36%. He pointed out that Bitcoin’s compression relative to these assets suggests it may lead any forthcoming significant movement in prices; however, he cautioned that it might first establish a “lower high” before advancing further. Additionally, he mentioned that Ether could also participate in this upward trend once it surpasses $5,000 and enters new price discovery territory.
Lark Davis emphasized Bitcoin’s historical performance surrounding September FOMC meetings. He noted that every decision made in September since 2020—excluding the downturn seen in late 2022—has been followed by robust rallies. Davis argued that this pattern is more indicative of seasonal trends rather than merely reflecting the Fed’s interest rate decisions and suggested that Bitcoin tends to perform well as we approach what he calls “Uptober.”
Technical Analysis from CoinDesk Research
The technical analysis model from CoinDesk Research indicates an approximate increase of about 0.9% for Bitcoin during the analysis period spanning September 16-17. The cryptocurrency rose from $115,461 to reach $116,520 and hit an intraday high of $117,317 at around UTC time seven o’clock on September 17 before stabilizing.
After reaching this peak value earlier in the session, Bitcoin tested support levels between $116,400 and $116,600 multiple times throughout trading hours. In its final hour between UTC times of approximately eleven-thirty-nine and twelve-thirty-eight PM , BTC attempted to break out: prices fluctuated narrowly between values ranging from $116351 to $116376 before surging up to reach$116551 at twelve-thirty-four PM with increased volume backing this move . This behavior confirmed a consolidation-breakout pattern even though gains were modest overall.
In summary ,Bitcoin remains resilient above$116000 with short-term support identified near$16400and resistance encountered close towards$17300 .
An Overview of Recent Charts for Last Day & Month
The most recent data chart provided by CoinDesk covering twenty-four hours concluded at fourteen-oh-four UTC on Septemebr seventeen shows BTC priced at one hundred sixteen thousand two hundred thirty-six dollars after retreating slightly from daily highs approaching one hundred seventeen thousand two hundred ninety-five dollars . The pricing activity has remained within ranges oscillating between one hundred sixteen thousand -one hundred sixteen thousand five-hundred which highlights established short-term support levels..
Bitcoin (BTC) twenty-four-hour price chart dated Septemebr seventeen ,twenty-twenty-five (CoinDesk)
The monthly chart illustrates how bitcoin surged upwards starting from lows near one hundred eight thousand dollars recorded late August rising subsequently beyond recent peaks exceeding one hundred seventeen thousands.. While there exists an overall upward trajectory observed recently indicating market pause prior leading into next movements ahead…
Bitcoin (BTC) monthly price graph dated Septemebr seventeen ,twenty-twenty-five (CoinDesk)