Bitcoin shows advance signs of volatility with BTC price holding $27,000.
“The market is pricing a 99% probability that the Fed are on hold at this meeting. And the data is conducive for that, core CPI inflation is now running at the Fed’s target on a 3-month annualized basis,” financial commentator Tedtalksmacro“Potentially the first meeting where the Fed recognize that inflation is trending on the right path…”Despite this, the event was tipped to deliver short-term volatility.
Analyzing the state of the BTC/USD order book on largest global exchange Binance, monitoring resource Material Indicators said that liquidity around spot price was noticeably thin. “If one thing in particular stands out, it's that liquidity is thinly distributed through the range,” part of its commentary“We could see some walls go up, but for now it appears the order book is set to accommodate more volatility.”
Material Indicators added that the subsequent speech and press conference from Fed Chair Jerome Powell should lead to further “spicy” BTC price action. An accompanying chart showed some bid-side liquidity parked at $26,650, while substantial bids still only at $25,000. To the upside, sellers lay in wait at $27,450 — the local BTC price high from September.Continuing, others hoped for some range levels to be challenged as part of the FOMC reaction.
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