Following a short-lived effort by bulls to gain momentum, bears have maintained Bitcoin below crucial resistance levels while investors seek clarity on the US Federal Reserve’s policy. The leading cryptocurrency is currently trading within a range after a failed attempt to break above $116,500, now stabilizing around $115,000. The cautious sentiment has also spread to Ethereum and various altcoins. Despite a cautious approach in short-term positioning, analysts are confident that institutional demand via spot ETFs is providing support for upward movement. In the last six trading days, spot Bitcoin ETFs have seen inflows exceeding $2 billion. Bitcoin was trading at $115,683.02, down 0.35 percent with a 24-hour trading volume of $49.75 billion.
The cryptocurrency fluctuated within a tight range of $114,461 to $116,747 throughout the session. The market capitalisation remained at $2.3 trillion, reinforcing its status as the largest digital asset globally. Traders in the cryptocurrency market are feeling anxious as they await the Federal Reserve’s decision, according to Shivam Thakral. A quarter-point cut is expected — it’s already anticipated. “The key aspect is Powell’s tone.” If he suggests additional rate cuts in the future, Bitcoin might break past $116,500 and target $120,000. “But if he plays it safe, expect a quick ‘sell the news’ drop back toward $114,000,” said Thakral. Ethereum, the second-largest cryptocurrency by market capitalisation, has experienced pullbacks and has not managed to maintain its position above the $4600 mark. ETH retraced to examine support around $4,500 before establishing stability. At last check, ETH was trading at $4,530.83, reflecting a decline of 2.26 percent over the past 24 hours. Ethereum experienced a price range from $4,469 to $4,670 throughout the day.
The Ethereum price is currently stabilizing just above this level, with $4,600 identified as the threshold for upward momentum, while $4,500 serves as the crucial support to maintain. The altcoin market is experiencing sideways trading. In the altcoin space, Ethena, Fartcoin, Curve DAO Token, Flare, Optimism, Pudgy Penguins, SPX6900, Pepe, FLOKI, Jupiter, Lido DAO, Sei, Four, Arbitrum, Gala, Worldcoin, POL, Celestia, Theta Network, Bonk, Filecoin, dogwifhat, Raydium, Sui, Injective, and Pyth Network were the top laggards, falling in the range of 5–9 percent today. Conversely, World Liberty Financial, Aethir, Pump.fun, MemeCore, Aerodrome Finance, Monero, Pi, MYX Finance, PAX Gold, Tether Gold, Bitget Token, and Nexo were the top gainers for the day, rising up to 5 per cent.
The global stablecoin supply has reached an unprecedented level of over $280 billion, indicating substantial liquidity in the market. Ripple has made a $25 million commitment in RLUSD aimed at supporting American small businesses. Currently, Michael Saylor and other executives are engaging with lawmakers in Washington to advocate for a Strategic Bitcoin Reserve Bill. Elsewhere, Bitwise filed to launch a spot Avalanche ETF with the SEC, while MetaMask introduced its own stablecoin, MetaMask USD. Conversely, Trump suggested that companies should provide reports every six months rather than on a quarterly basis, subject to SEC approval.