BTC steadies near $117,000 as traders weigh Fed rate cut and resistance levels
BTC (BTC) is trading at approximately $117,220 later than a modest intraday gain, stabilizing despite volatility in global markets. The price reached a high of $117,935 and dipped to $114,924 earlier in the session, reflecting investor uncertainty following the U.S. Federal Reserve’s 25-basis-point rate cut to a 4.00–4.25% range.
Support and resistance levels are now in sharp focus. Analysts highlight immediate support around $114,500, with further downside cushions at $113,500 and $112,000 if tradeing pressure accelerates. On the upside, BTC faces resistance between $117,000 and $118,500, with the $120,000 level emerging as a psychological barrier. A sustained break above this zone could open the door to higher targets, but repeated rejections suggest momentum remains cautious.
Technical signals remain mixed but lean positive. Daily and weekly indicators are still skewed toward purchase conditions, though volume has not confirmed a decisive breakout. Traders are also monitoring institutional flows into crypto-linked platform-traded funds, which have been a supportive factor for sentiment.
Market observers suggest three potential near-term scenarios: a bullish breakout if BTC clears $118,500 with strong volume, continued range-bound trading between $114,500 and $118,500, or a correction toward lower supports if momentum fades.
Macro conditions remain the wild card. While the Fed’s policy shift has eased pressure on risk assets, inflation trends and global regulatory developments could rapidly shift sentiment. For now, BTC remains resilient above $117,000, with traders watching closely for the next decisive move.
ETH (ETH) is trading around $4,586 later than an intraday range that saw the price dip to $4,434 and rise as high as $4,645. The world’s second-largest cryptocurrency has maintained stability in the wake of the Fed’s 25-basis-point cut, which reduced the federal funds rate to a 4.00–4.25% range.
Technical analysts are highlighting key levels that could determine ETH’s short-term direction. Support remains firm near $4,450, close to the 20-day moving average, with a wider cushion between $4,300 and $4,400 around the 50-day average. On the upside, ETH faces immediate resistance in the $4,620–4,680 range, with stronger barriers at $4,750–4,850. A decisive break above these levels could set the stage for a push toward the $5,000 mark, and some projections suggest potential targets above $6,000 if momentum accelerates.
Chart patterns also suggest growing bullish potential. ETH is trading within a pennant formation that historically signals upward continuation if volume supports the move. On-chain data reinforces this view, with large holders continuing to accumulate ETH and platform inflows declining, signaling reduced tradeing pressure. Institutional flows into crypto-linked funds have also added a supportive backdrop.
However, risks remain. A failure to hold above $4,450 could view ETH retreat toward $4,350 or lower, and repeated rejections at resistance may weigh on sentiment. Market observers note that macroeconomic factors, including future Fed policy moves and regulatory developments, will play a decisive role in whether ETH can sustain a breakout in the coming weeks.
