Bitcoin Climbs to $116,700 as Ethereum, Altcoins Consolidate Ahead of US Fed Policy Decision

Bitcoin traded around $116,700 (roughly Rs. 1.01 crore) on Wednesday, consolidating in a narrow range as markets awaited the US Federal Reserve's policy decision, which is expected in a few hours. Ethereum hovered near $4,400 (roughly Rs. 3.89 lakh), while altcoins such as Solana and Dogecoin faced mixed sentiment. Despite volatility, institutional inflows and whale activity have helped maintain broader sentiment. Meanwhile, Bitcoin traded close to Rs. 1.02 crore, while Ethereum is priced at Rs. 3.9 lakh as per the crypto price tracker on Gadgets 360.

US Fed Policy Decision Expected on Wednesday

XRP is currently hovering at $3.01 (roughly Rs. 260), and Binance Coin (BNB) climbed to $948 (roughly Rs. 82,000). Solana (SOL) dropped slightly to $234 (roughly Rs. 20,300), while Dogecoin (DOGE) trades at $0.265 (roughly Rs. 260). Market observers stay cautious, watching institutional flows and macroeconomic cues, which will determine the next big move.

Edul Patel, CEO of Mudrex, noted that the crypto market is gaining momentum and further said, “According to Glassnode, over 44,000 BTC have been withdrawn from exchange reserves in September alone. 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.”

The CoinSwitch Markets Desk observed BTC's symmetrical pattern, which will result in price compression, adding, “The market is heavily focused on the upcoming Fed meeting, with a strong chance of a 25bps rate cut. Softer inflation and labor data are feeding that expectation. There's also increasing legislative momentum around proposals like the US Bitcoin Strategic Reserve Act, which could have long-term effects on demand and regulatory treatment of BTC.”

Meanwhile, the CoinDCX research team said Bitcoin's price experienced a decent rise before the daily close, adding to the market's bullish momentum. “The token continues to print consecutive higher highs and lows, due to which the top altcoins also consolidate around the gains. XRP and BNB display notable strength, while ETH, SOL, DOGE & ADA are trying hard to defend their respective support zones […] The market sentiments remain neutral and wait for the next move. The SEC delays the decision on the Truth Social Spot Bitcoin ETF and seeks public comments on the proposal.”

As traders anticipate the Fed's rate cut decision, the prices of both Bitcoin and Ethereum appear to have stabilised, with incremental gains over the past couple of days. A breakout above $118,000 (roughly Rs. 1.02 crore) could push Bitcoin toward fresh highs, while support around $110,000-$112,000 (roughly Rs. 95.2 lakh-Rs. 96.9 lakh) may help limit near-term downside.