Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• 97% of interest rate traders leaned towards a Fed rate pause in September.
• Lower and higher timeframe market structures were bullish at press time. 

Bitcoin [BTC] closed on 13 and 14 September in green after the US CPI (Consumer Price Index) data for August indicated a moderate consumer price increase. 

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The data cemented a likely Fed rate pause at the 20 September FOMC Meeting, as 97% of Interest rate traders were inclined towards maintaining the current 5.25% – 5.50% target range.

Can Bitcoin reclaim $27k?

The expectation of a likely Fed rate pause in September tipped BTC to mount above the previous high of $26.4k on the H4 chart, effectively flipping the market structure to bullish. 

In addition, price action was above H4 50-EMA (Exponential Moving Average) of $26.48k at press time. Despite the retracement at the time of writing, BTC could target the mid-range level near $27k or range-high. 

But sellers could take advantage of a price rejection at the mid-range or drop below $26.48k and the H4 50-EMA. If so, the weakening could extend a reversal to the range-low again near $25.8k. 

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Author: Benjamin Njiri

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