Bitcoin Price Remains Resilient Despite FOMC and Mt. Gox News
Kate Solano
Accomplished fintech journalist and analyst.
Bitcoin's price dipped from $27,000 on September 21, showing signs of resilience in the face of recent macroeconomic developments in the United States. While Bitcoin displayed a modest 1.5% decline on the day, data from Cointelegraph Markets Pro and TradingView indicated that the cryptocurrency market remained relatively stable, even after the Federal Reserve's announcement of an interest rate pause and Chair Jerome Powell's subsequent speech and press conference.
Contrary to expectations, Bitcoin's price action didn't respond significantly to these catalysts. Furthermore, news that the distribution of funds to Mt. Gox creditors would be delayed by a year had little impact on the markets.
Popular trader Jelle remarked that the Federal Reserve's rate pause announcement came as no surprise to anyone. Bitcoin's price appeared to be rangebound, and the uncertainty of the Federal Open Market Committee (FOMC) was no longer hanging over the market. Jelle maintained a bullish outlook in the long term, suggesting that an upward breakout from the current price structure, which has persisted for over a year, remained possible.
Another trader, Crypto Tony, emphasized the importance of Bitcoin staying above $26,800 for the weekly close. His plan was to go long as long as this level held, and so far, it had. Although the price experienced a slight drop, it was now up to the bulls to end the week on a bullish note.
Trader Crypto Ed pointed out that the previous touch of month-to-date highs could be a cause for concern regarding the post-FOMC drop. On longer timeframes, Crypto Ed remained cautious, maintaining his theory of potential downward movement in Bitcoin's price. He noted that on the monthly chart, support at $27,150 had turned into resistance. In summary, despite recent macroeconomic events and news related to Mt. Gox, Bitcoin's price remained relatively stable, with traders closely monitoring key support and resistance levels to gauge its future direction.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 84.8% | 21 | $61 959.02 | -0.99% | 4.60% | $1 220 345 312 631 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 86.4% | 24 | $3 004.67 | -0.20% | 0.32% | $360 876 780 301 |  |
|
| 3 |  USDT |
Tether predictions | 92.4% | 1 | $0.999712 | -0.01% | -0.04% | $110 924 039 650 |  |
|
| 4 |  BNB |
Binance Coin predictions | 84.4% | 17 | $593.34 | 1.52% | 5.26% | $87 569 893 545 |  |
|
| 5 |  SOL |
Solana predictions | 82% | 37 | $146.68 | 0.20% | 5.21% | $65 732 801 386 |  |
|
| 6 |  USDC |
USD Coin predictions | 93.6% | 1 | $1.000031 | 0.01% | -0.01% | $33 040 375 689 |  |
|
| 7 |  XRP |
XRP predictions | 85.6% | 27 | $0.516693 | -1.87% | -1.05% | $28 603 711 699 |  |
|
| 8 |  TON |
Toncoin predictions | 75.2% | 50 | $6.23 | 7.14% | 21.15% | $21 628 524 691 |  |
|
| 9 |  DOGE |
Dogecoin predictions | 76% | 39 | $0.148626 | -0.12% | 10.90% | $21 435 160 299 |  |
|
| 10 |  ADA |
Cardano predictions | 82.4% | 36 | $0.455880 | -0.99% | 0.06% | $16 257 430 841 |  |
|
| 11 |  SHIB |
SHIBA INU predictions | 70.4% | 55 | $0.000023 | 0.52% | 0.16% | $13 613 941 302 |  |
|
| 12 |  AVAX |
Avalanche predictions | 79.6% | 43 | $34.32 | -1.12% | 1.47% | $13 062 489 783 |  |
|
| 13 |  WTRX |
Wrapped TRON predictions | 84% | 23 | $0.126612 | 2.83% | 2.52% | $11 078 182 366 |  |
|
| 14 |  TRX |
TRON predictions | 83.6% | 23 | $0.126517 | 2.54% | 2.63% | $11 069 920 412 |  |
|
| 15 |  STETH |
Lido stETH predictions | 95.6% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
