“Currently, Bitcoin is trading around $115,350, reflecting a cautiously optimistic mood in the crypto sphere. After encountering resistance close to the $120,000 level, it’s experiencing some consolidation. A strong support level exists at $110,000, providing a safety net for bullish traders. Institutional investment and the expectation of potential Fed interest rate reductions are contributing to upward pressure. However, global economic uncertainties and regulatory challenges are limiting the potential for a significant breakout,” stated Sathvi, Co-Founder & CEO of Unocoin.
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Addressing the technical aspects, Sathvi commented, “BTC’s trading pattern resembles a symmetrical triangle, hinting at a substantial move on the horizon. A break above $120K could propel it towards $130K, while a fall below could lead to a drop to $105K. In summary, Bitcoin is positioned, not idle – awaiting a catalyst to dictate its future trajectory.”
As of 10:37 AM IST, Bitcoin’s price was $115,681, reflecting a 0.36% decrease over the last 24 hours, but a roughly 3.30% increase over the past week. Ethereum, on the other hand, was trading at $4,523, showing a 0.26% decline in the last 24 hours and a 4.90% rise over the previous week.
According to CoinMarketCap, the overall cryptocurrency market capitalization was approximately $4 trillion on Tuesday.
Another expert pointed out that BTC is maintaining its position around the $115K level following a two-day rebound, and the upcoming US FED decision could serve as the next significant trigger.
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“This period of consolidation appears to be more driven by ETF activity than by spot market demand: funding rates have decreased, options desks have reduced downside protection, and around 92% of the circulating supply is currently held at a profit. This scenario provides price support, but without a stronger surge in spot demand, the market remains susceptible to a more pronounced correction,” stated Vikram Subburaj, CEO of Giottus.com
Subburaj further added, “U.S. stock markets reached new record highs above 6,600, increasing the divergence with Bitcoin’s performance. Historically, such divergences have been temporary, and a corrective upward move from BTC could potentially follow if policy signals from the FED are favorable.”
Altcoins displayed weakness, with Solana, Cardano, and Chainlink experiencing declines of approximately 3%, while the majority of other major altcoins saw minor losses. The Fear & Greed Index remained near 54, indicating a generally neutral market sentiment.
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