FOMC Meeting Next Week – Will September Be a History Bearer?

As the crypto markets head into the weekend, the price of Bitcoin is back above $60,000. With this, the possibility of a bullish reversal appears when the token needs to break above the critical resistance zone. Additionally, BTC's funding rate remains extremely low, so a September bullish opportunity is emerging, breaking the historical pattern.

With the increase in price, the price of BTC is at a great speed, which returns altcoins to the bull run. Meanwhile, social activity has grown to 29.65% of all crypto social activity, of which 81% of posts continue to be positively mentioned. However, the price of BTC continues to trade in a very critical range and so another small increase could trigger a strong bull run.

Renowned analyst ALI has shared some interesting chain fractals, which suggest that the price is stuck in a critical range. Based on the information he shared, the range between $59,885 and $61,625 can be considered as an important zone. Between this range, approximately 1.52 million addresses hold more than 770,000 BTC. Therefore, a weekly close above or below the range can have a significant impact on the next weekly trade.

As the latest wave of turmoil spreads across crypto, the bears continue to dominate the rally. The rally remains stuck in a descending parallel channel, reviving the possibility of another low high and low forming. If the price of BTC breaks the above-mentioned range, which is the average range of the channel, there is a possibility of high resistance at $68,000. Otherwise, the price of Bitcoin may experience another decline, which will strengthen the bearish pattern.