Bitcoin holds around $113,000 ahead of rate decision... "FOMC in focus"

Son Min

Summary

Bitcoin (BTC) has been trading around $113,000, and the market is watching the Federal Open Market Committee (FOMC) rate decision.
The market expects that the 25bp benchmark rate cut has already been priced in, and there is a high possibility of an additional cut in December.
Bitcoin is above the 50-day and 200-day moving averages and showing an uptrend, but it is analyzed that there will be strong resistance in the $117,000~$120,000 range.

*Photo=Ahyan Stock Studios/Shutterstock*

Bitcoin (BTC) has been trading around $113,000 as it enters the Federal Reserve (Fed)'s week of rate decisions. With liquidity tightening and a stronger dollar weighing on risk assets, the market is focusing on the results of this Federal Open Market Committee (FOMC) meeting.

On the 29th (local time), CoinDesk reported that Bitcoin held around $113,000 in the Asian market. It was up 4.5% for the week but down 0.7% over 24 hours. Ethereum (ETH) fell 1.4% to $4,028, while Solana (SOL) and Binance Coin (BNB) were each down around 2%. By contrast, XRP was strong at $2.62 and entered the top ranks in trading volume.

Market attention is currently focused on the FOMC meeting held on the 28th~29th. The market expects the Fed to cut the benchmark interest rate by 25bp to 4.00~4.25%.

Thomas Perfumo, Kraken global economist, said, "Macroeconomic volatility in this cycle has a major impact on crypto assets," adding, "This week's 25bp cut has already been priced in, and there is a strong possibility of further cuts in December." He also analyzed that Bitcoin's short-term momentum has slowed, but ETF inflows remain strong.

Alex Kuptsikevich, an FxPro analyst, said, "Bitcoin is trading above both the 50-day and 200-day moving averages, maintaining an uptrend," and "after rebounding from the $108,000 support level, the $117,000~$120,000 range will act as strong resistance."

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