Bitcoin Price Slips to $113,500 as Traders Await US Fed Chair Jerome Powell’s Remarks

After a volatile week marked by heavy liquidations and macroeconomic uncertainty, the crypto market is undergoing a technical reset. Bitcoin slipped to around $113,500 (roughly Rs. 1.01 crore) after briefly touching the $121,000 (roughly Rs. 1.07 crore) mark earlier this month, while Ethereum traded near $4,015 (roughly Rs. 3.56 lakh). Analysts believe that the pullback reflects traders repositioning ahead of US Federal Reserve Chair Jerome Powell's speech today at 9:50pm IST, which could influence sentiment around future rate cuts and liquidity conditions. As per the Gadgets 360 price tracker, Bitcoin is currently trading around Rs. 1.01 crore on Indian exchanges, while Ethereum hovers near Rs. 3.56 lakh. 

Altcoins Decline as Market Consolidates After Volatile Week

Various altcoins remained unchanged over the past 24 hours. XRP hovers at $2.47 (roughly Rs. 219), Dogecoin (DOGE) stands at $0.20 (roughly Rs. 17.75), and Solana (SOL) traded at $196 (roughly Rs. 17,475). Even Binance Coin (BNB) fell as it stands at $1,207 (roughly Rs. 1.06 lakh) despite the broader market cooling.

The CoinSwitch Markets Desk highlighted that the decline reflects short-term positioning rather than a shift in sentiment. “Institutional accumulation continues, with Strategy and Bitmine buying BTC and ETH, as smart money remains confident in the long-term trajectory. Bitcoin is consolidating between $113,500 (roughly Rs. 1 crore) and $116,000 (roughly Rs. 1.03 crore) after recent price swings, with buyers active near support. A sustained hold above $114,000 (roughly Rs. 1.01 crore) could trigger a gradual recovery toward $117,000-$118,000 (roughly Rs. 1.03 crore-Rs. 1.04 crore),” the desk said.

Avinash Shekhar, Co-Founder and CEO of Pi42, said that the recent correction is part of a structural recalibration following an over-leveraged market. “Crypto market is hitting the reset button as leverage clears and traders prepare for the next breakout [...] Liquidation cascades and excessive leverage contributed heavily to last week's sharp pullback, but this clearing of overstretched positions may lay the groundwork for the next up-leg. Ethereum's open interest jumped 8.2 percent, signalling renewed speculative interest even in the midst of volatility,” Shekhar said.

Edul Patel, CEO of Mudrex, said that despite short-term uncertainty, the market's resilience remains intact. “Concerns about a potential economic slowdown, particularly after new signs of weakness in the US labour market, have made investors more risk-averse [...] For now, Jerome Powell's speech at the NABE is the major factor that could influence the market momentum. Immediate resistance for BTC stands at $118,700 (roughly Rs. 1.04 crore) while support has moved down to $110,500 (roughly Rs. 98 lakh),” Patel noted.

The CoinDCX Research Team also observed that the broader crypto market is stabilizing after sharp swings, with select altcoins showing strength. “XRP, Cardano, and Dogecoin are struggling to secure the range above their respective resistance. Synthetix remains the top gainer for the day with over a 26 percent rise, followed by Story at 23.68 percent and MYX Finance by over 15 percent. On the other hand, Zcash plunges by over 13 percent, followed by Aster and Artificial Superintelligence Alliance by 4.83 percent and 3.98 percent, respectively,” the team said.

Analysts across the market agree that the current correction appears to be a structural clean-up rather than the start of a bearish trend. As excessive leverage is flushed out and spot volumes are stabilising, traders are eyeing $114,000 (roughly Rs. 1.01 crore) as a key support level and $118,000-$120,000 (roughly Rs. 1.04 crore-Rs.1.06 crore) as the next resistance zone.