Key points:
Bitcoin drifts toward $115,000 into the weekly close ahead of a key macro week.
BTC needs a weekly close above $114,000 to stay “bullish,” analysis says.
Markets are convinced that the Federal Reserve will cut interest rates next week.
Bitcoin (BTC) circled weekend lows into Sunday’s weekly close ahead of a major week for crypto and risk assets.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
”Time to pay attention” to Bitcoin price
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dropping toward $115,000.
The pair avoided major volatility after the week’s last Wall Street trading session, during which it hit $116,800 — its highest since Aug. 23.
“Pretty clear price is being walked down here yet again going into a new week,” popular trader Skew summarized about the latest BTC price action in part of a post on X.
Skew flagged “some pretty decent bid depth & liquidity just below $115K” on exchange order books.
“Time to pay attention,” he concluded.
BTC/USDT 15-minute chart with order-book data. Source: Skew/X
Continuing, market participants remained cool on the short-term outlook, with popular trader and analyst Rekt Capital taking a step-by-step approach.
“The goal isn’t for Bitcoin to break $117k in the short-term,” he explained in his latest X post.
“The goal is for Bitcoin to reclaim $114k into support first. Because that’s what would enable the premium-buying necessary to get price above $117k later on.”BTC/USD one-week chart. Source: Rekt Capital/X
Rekt Capital was among those ultimately seeing new all-time highs during the current bull market, arguing that Bitcoin could not have topped out at $124,500.
A weekly close above $114,000 would be “bullish,” he added on the day.
Markets stay dead set on Fed rate cut
The coming week’s main focus was the US Federal Reserve’s decision on interest rates.
Related: Bitcoin ‘sharks’ add 65K BTC in a week in key demand rebound
As Cointelegraph reported, markets unanimously saw policymakers cutting rates by at least 0.25%. Broadly supportive US macro data prints cemented that conviction.
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