Bitcoin trades near $116K, Ethereum close to $4,500. Experts point out at momentum ahead of US Fed decision

Synopsis

Bitcoin price increased by nearly one percent, trading at $116,364. Ethereum decreased slightly to $4,486. Analysts say the crypto market is gaining momentum as the US Federal Reserve is expected to cut rates. Bitcoin is near $117,000, and Ethereum is rebounding. Experts suggest that Bitcoin may test new highs soon. The overall cryptocurrency market capitalisation is around $4.03 trillion.

Bitcoin gained nearly 1% in the past one day to trade at $116,364 on Wednesday. Meanwhile Ethereum went down by 0.64% in the same period to trade at $ 4,486. According to the analysts, the crypto market is gaining momentum ahead of Fed’s rate cut decision with BTC near $117K and Ethereum rebounding towards $4,500.

“The crypto market is gaining momentum ahead of the Fed’s rate cut decision, with Bitcoin near $117,000 and Ethereum rebounding towards $4,500. According to Glassnode, over 44,000 BTC have been withdrawn from exchange reserves in September alone,” said Edul Patel, CEO of Mudrex.

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“With fewer coins available to trade, immediate liquidity is tighter, which could limit short-term selling pressure. On the other hand, Gold’s rally to all-time highs could further strengthen Bitcoin’s momentum. A sustained move above $118,000 would confirm bullish momentum and open the door for Bitcoin to test new highs in the coming weeks,” Patel adds.
Crypto TrackerTOP COINS (₹) BNB83,600 (2.72%)XRP264 (0.69%)Bitcoin10,225,793 (0.48%)Solana20,540 (-0.61%)Ethereum393,420 (-1.27%)
At 10:09 AM IST, Bitcoin was trading at $116,345, up by 0.91% over the past 24 hours and up by nearly 4.30% over the past week. Ethereum, meanwhile, was at $4,487, down by 0.57% in the past 24 hours and up by 4.04% over the last seven days.

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According to , the overall cryptocurrency market capitalisation stood at around $4.03 trillion on Wednesday.

Another analyst also says that BTC is holding near this level ahead of the US Fed decision and a 25 basis point cut looks priced in and also believes that the structure stays constructive so long as $114,000 holds. However, leverage and the FOMC headline make near-term whipsaws likely.

“Exchange deposits for BTC and ETH have dropped to multi-month lows as large holders remain cautious. Stablecoin inflows are rising, providing exchanges with dry powder for a post-Fed push if risk appetite improves,” according to Vikram Subburaj, CEO, Giottus.com

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“The caveat is liquidity: about $4.5 billion of token unlocks in September and brisk rotation into higher-beta altcoins could stress depth. The next leg higher won’t be about the cut alone, but whether crypto can absorb unlocks and still funnel flows into BTC and ETH,” Subburaj further adds.
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