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 | 73.2% | 59 | $101 363.57 | 5.75% | 5.84% | $2 006 042 665 897 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 72% | 57 | $3 857.57 | 5.71% | 6.44% | $464 612 564 631 |  |
|
| 3 |  USDT |
Tether predictions | 94.4% | 1 | $1.000540 | -0.02% | -0.03% | $135 764 333 539 |  |
|
| 4 |  XRP |
XRP predictions | 57.2% | 90 | $2.37 | -6.37% | 61.51% | $135 128 141 308 |  |
|
| 5 |  SOL |
Solana predictions | 70% | 62 | $232.13 | -1.56% | -4.26% | $110 343 784 176 |  |
|
| 6 |  BNB |
Binance Coin predictions | 82.8% | 25 | $721.64 | -3.72% | 10.51% | $103 922 816 425 |  |
|
| 7 |  DOGE |
Dogecoin predictions | 65.2% | 77 | $0.428774 | 3.84% | 3.26% | $63 058 906 091 |  |
|
| 8 |  ADA |
Cardano predictions | 57.6% | 87 | $1.18 | -1.47% | 16.46% | $41 425 711 143 |  |
|
| 9 |  USDC |
USD Coin predictions | 94% | 1 | $0.999679 | -0.04% | -0.02% | $40 712 477 951 |  |
|
| 10 |  TRX |
TRON predictions | 74% | 48 | $0.331780 | -11.09% | 65.01% | $28 627 475 807 |  |
|
| 11 |  AVAX |
Avalanche predictions | 60.4% | 86 | $51.35 | -0.42% | 18.45% | $21 018 969 340 |  |
|
| 12 |  SHIB |
SHIBA INU predictions | 71.2% | 51 | $0.000031 | 4.36% | 21.59% | $18 484 583 266 |  |
|
| 13 |  TON |
Toncoin predictions | 64.4% | 78 | $6.80 | -0.76% | 6.38% | $17 327 281 996 |  |
|
| 14 |  DOT |
Polkadot predictions | 60% | 91 | $10.40 | 6.30% | 25.76% | $15 864 507 110 |  |
|
| 15 |  LINK |
Chainlink predictions | 58% | 88 | $23.82 | 0.40% | 31.04% | $14 933 658 983 |  |
