Bitcoin Price Today Nears $117K as Fed Rate Cut Hopes Rise; Ethereum, Solana, BNB Rally

The cryptocurrency market today is neutral as traders are awaiting the outcome of the U.S. Federal Reserve's FOMC meeting, where a 25 bps rate cut is widely expected. Softer inflation and the US labour market data are also supporting this view, with a potential long-term impact on Bitcoin and the overall crypto market.

Bitcoin price today is hovering around $116,478.13, inching closer to the $117,000 mark with a 0.93% intraday gain. The world's largest cryptocurrency maintains a market capitalisation of $2.32 trillion and a 24-hour trading volume of $20.47 billion. Over the past week, BTC has gained 2.20%, though monthly gains remain muted at 0.16%.

Meanwhile, the Ethereum price today stands at $4,488.31, which is down 0.27% in 24 hours but is still up 3.18% over the past week and 3.99% in a month.

Experts See Bitcoin Near Key Resistance Levels

"According to Glassnode, over 44,000 BTC have been withdrawn from exchange reserves in September alone.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. A sustained move above $118,000 would confirm bullish momentum and open the door for Bitcoin to test new highs in the coming weeks." as per Edul Patel, CEO of Mudrex.

"BTC is forming a symmetrical triangle consolidation pattern, suggesting price compression and a potential breakout soon. Resistance remains stiff around $117,500-$118,000, while support is visible in the $110,000-$112,000 range. ETH's short-term momentum is upward, with key resistance zones near $4,800 and support down near $4,200-$4,400. There have been strong inflows over recent days; Bitcoin spot ETFs saw about US$260 million net inflow on Sept 15, while Ethereum ETFs recorded around US$360 million inflow, showing ongoing institutional interest." according to an analyst from the CoinSwitch Research Desk.

Altcoin Market Update

The crypto market update shows mixed momentum among the top 10 cryptocurrencies today; data taken from Coin Desk Website.

XRP price today is $3.02, with a $180.28B market cap. XRP dipped 0.20% in 24 hours but rose 1.16% weekly while falling 1.46% in a month.

Binance Coin (BNB) price today is $955.31, up 3.20% in a day, 6.89% in a week, and a strong 12.73% monthly gain. Its market cap now stands at $132.97B.

Solana (SOL) price today is $234.97, with a $127.59B market cap. SOL slipped 0.17% daily but surged 4.85% in a week and a massive 28.38% over the past month, continuing its bullish run.

Dogecoin (DOGE) price today is $0.2663, with a $40.22B market cap. DOGE gained 0.93% in 24 hours, 8.52% weekly, and an impressive 19.57% in a month.

Tron (TRX) price today is $0.3414, down 1.22% in a day, though up 0.89% in a week; TRX has slipped 2.57% monthly.

Cardano (ADA) price today is $0.8722, with a $31.85B market cap. ADA saw a 0.36% daily uptick but declined 1.50% weekly and 5.59% monthly.

Tether (USDT) price today remains pegged at $1.00 with a $170.99B market cap, while USDC price today trades at $0.9997 with a $73.60B market cap, showing stability amid volatility.

Outlook for Crypto Investors

According to the CoinDCX research team, "The Bitcoin price experienced a decent rise before the daily close, which has elevated the bullish momentum of the market. 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. However, the market sentiments continue to remain neutral and wait for the next move."

Top performers outside the top 10 include MYX Finance with over a 33% rise, followed by Story with over 11% and Immutable by 8.29%. Besides, Pump.fun plunges by 4.24%, followed by MemeCore and Tron by over 1% each

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