This week is not as interesting as the next week, but regardless, let’s talk about what you should be paying attention to.
– Bitcoin price
– Fed Chairman Powell’s speech on September 28.
– PCE Price Index on September 29
– Hashdex Bitcoin spot ETF deadlines on September 29.
– Ethereum futures ETF approval on October 2.
What to expect from Bitcoin price?
Bitcoin price is attempting to move higher and has all the right signs of pushing higher.But the question remains, “Will it?”
The lack of volatility in the market is the main reason for sideways movement.In the upcoming days, BTC is likely to attempt a push toward the 50% retracement level at $28,215.Although unlikely, bullish news could trigger Bitcoin price to target the buy-side liquidity resting around the 79% retracement level at $30,323.
BTC/USDT 1-day chart
Read more:
Bitcoin price action culls $30 million longs ahead of Fed Chairman speech
What to expect from the Fed?
Here is an excerpt from a recently
published article:
Based on the Summary of Economic Projections, the median projection for the federal funds rate will be 5.6% at the end of the year.With the current rates at 5.25% to 5.50%, the Federal Reserve is likely going to go for another quarter-point hike in November or December.
But the Fed Chair Jerome Powell has been extremely clear about decisions being taken based on incoming data rather than sticking to projections or forecasts.
So, in the speech on September 28, the Chair is likely going to reiterate the above and give a vague suggestion for another potential rate hike on September 28.
The PCE Price Index on September 29 is likely going to be a non-event, meaning it will not move the crypto markets by a large degree.
Read more
Fed Analysis: Powell promises rates to stay higher for longer, USD set to extend gains Jerome Powell speaks on monetary policy after deciding to hold interest rate steady
What to expect from the spot Bitcoin ETFs?
Not a lot has changed with regard to the spot Bitcoin ETFs and the SEC is likely going to delay Hashdex’s filing.
The next deadline for the ETF approval by the SEC will be in the third week of October, starting with BlackRock’s iShares Bitcoin Trust on October 17.
Another interesting aspect to the ETF hype is the first Ethereum futures ETF and its potential approval on October 2.
Read more
First Ethereum futures ETF expecting approval by October 2 Ethereum whales prepare ahead of futures Ethereum ETF approval on October 2
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