Bitcoin Rebounds Past $117,000, Hits Three-Week High Ahead of Fed Rate Decision

TradingKey – Bitcoin rallies amid market uncertainty, surging past $117,000 as investors brace for the Fed’s rate cut announcement.

On Wednesday, September 17, Bitcoin (BTC) staged a strong rebound, briefly breaking above $117,000 — its highest level since August 23. Over the past 24 hours, BTC rose 1.4%, currently trading at $116,831.

Bitcoin Price Chart – Source: TradingView

Later today, the Federal Reserve will hold its fourth rate-setting meeting of the year, with markets widely expecting a 25 basis point cut. However, some analysts believe the bullish impact may already be priced in. BTC Markets crypto analyst Rachael and Vincent Liu, Head of Research at Kronos, both share this view.

In contrast, BitMine Chairman Tom Lee told CNBC that a rate cut could trigger a strong three-month rally for Bitcoin. BlackRock has also demonstrated its bullish stance through recent purchases. According to Arkham data from September 16, BlackRock has continued accumulating Bitcoin, with recent buys totaling $260 million.