Bitcoin This Week: All Eyes on Fed Meeting After $10,500-Rejection

A8hWADTi 980x580

Bitcoin closed last week with a brief jump above $10,500, a critical resistance target that excited traders into booking their short-term profits. The result was a dump. Bitcoin’s benchmark symbol BTC/USD trimmed about $350 off its weekly top overnight. Furthermore, the pair fell into the same trading range that trapped its breakout moves throughout this September. Entering the new week, the technical outlook for BTC/USD remains the same as before: Fluctuate inside the $9,800-$10,400 area. Bitcoin rejects $10,500 to enter the previous consolidation range. Chart Source: TradingView Josh Rager, the co-founder of, also noted the same in his weekly analysis. The analyst said BTC/USD should reclaim $11,900 to confirm its bullish bias. “Until then, I remain neutral (leaning bullish) and will continue to trade altcoins at this time,” he added. More Insights on Inflation The Bitcoin market opened the new week in green, partially after finding modest technical support…

Read the original article here