Bitcoin (BTC) price dropped over 1% during the past 24 hours, to reach a range low of about $114,665. After experiencing a heightened supply wall around $117k over the weekend, Bitcoin has led the wider altcoin market in correction as traders await a potential Fed rate cut this week.
The leveraged crypto market recorded a total liquidation of about $440 million, amid short-term uncertainty caused by the upcoming Fed rate decision. The total crypto market cap dropped 1.2% to hover about $4 trillion during the late New York session.
In the daily timeframe, the BTC/USD pair has formed a potential mid-term reversal pattern. The recent rebound could be a bear flag with a potential target of around $92k, a major support level that could set the basis for the next bull rally.
The midterm bearish pressure is bolstered by the BTC Futures CME gap, which has yet to be filled between $91.9k and $92.5k. However, a possible close above $122k will trigger the next BTC bull rally towards.
On Wednesday September 17, the Federal Reserve will release key economic data, including its benchmark interest rates. Earlier on Monday, President Donald Trump urged the Federal Reserve to slash its interest rates, possibly by more than 25 bps.
President Trump has urged the Fed to slash its rates, especially after the recently revealed weak labor market.
“‘Too Late’ [Fed Chair Jerome Powell] must cut interest rates, now, and bigger than he had in mind. Housing will sour,” President Trump posted on Truth Social on Monday.
Meanwhile, prediction markets data show traders are expecting a 91% chance that the Fed will initiate a 25 bps rate cut.
Ahead of the Federal FOMC data, BTC price has rallied on news of an anticipated cut, thus increasing the odds of a potential sell-the-news scenario. However, with Wall Street analysts expecting several rate cuts in the coming months, the BTC price is well-positioned to rebound in a parabolic fashion.
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