Bitcoin’s RSI at 46.20 indicates a state of neutral momentum, highlighting the potential for a directional breakthrough. The Federal Reserve’s decision to lower rates by 25 basis points is fueling institutional interest, even as the market experiences short-term price consolidation. This week’s BTC prices reveal a complex interplay between macroeconomic factors and technical consolidation trends. The Federal Reserve’s decision to lower rates by 25 basis points to a range of 4.00%-4.25% has provided a lift to risk assets such as Bitcoin. BTC is gaining appeal among institutional investors due to this monetary policy shift, which effectively reduces its opportunity cost.
Bitcoin’s 8% surge in September challenged historical trends, marking the second-best performance since 2012. This surprising resilience during a challenging month for BTC highlights robust institutional interest. The September rally has bolstered Bitcoin support levels, effectively stabilizing the price at $113,000. Banco Santander’s Openbank launching German retail crypto trading marks a significant move toward broader acceptance. This has minimal impact on the BTC price, yet it highlights institutional confidence in the European bitcoin infrastructure. Bitcoin analysis indicates a consolidation phase, with BTC trading below short-term moving averages, yet maintaining a positive long-term structure. Bitcoin is currently trading below its 7-day and 20-day SMAs, which stand at $114,467 and $114,105, respectively, indicating a recent decline in momentum.
Bitcoin stands at a neutral position of 46.20 on the BTC RSI. Bitcoin’s RSI level indicates that it has the potential to move in either direction without any constraints on momentum. Traders view RSI readings between 40-60 as consolidation zones, where breakout indications are more pronounced. The MACD histogram for Bitcoin stands at -274.29, signaling a short-term bearish trend. The longer-term trend finds backing from the MACD line positioned at 147.76, which remains above zero. The distinction between short-term weakness and medium-term strength frequently signals significant price movements. Bitcoin is currently positioned at 37.18% of the Bollinger Bands width, leaning more towards $109,771 rather than $118,440. This position indicates potential upward movement should purchasing pressure increase. Data reveals that Bitcoin faces immediate resistance just above $117,900, aligning with recent highs following the Fed statement. Bitcoin’s psychological resistance level near $124,474 may trigger significant profit-taking activities.
Bitcoin’s support levels are becoming clearer, with immediate support identified at approximately $109,977 and a more robust support level at $107,255. The BTC/USDT pair showcases a daily trading range between $111,043 and $113,291, with a daily ATR of $2,203, highlighting manageable risk parameters for position sizing. Bulls need to reclaim the Bitcoin pivot point at $112,443 to maintain momentum, which is just below current levels. Breaking below immediate support could trigger increased selling pressure towards $107,255, whereas a move above $117,900 might aim for the yearly high exceeding $123,306.