Bitcoin (BTC) steadies above $116,000 at the time of writing on Wednesday, with traders bracing for heightened volatility following the Federal Reserve’s (Fed) rate cut decision later today.
Bitcoin (BTC) is testing the $116,000 level again on Tuesday. A firm close above this level would suggest gains toward $120,000. Institutional demand is growing, with over $260 million in BTC spot Exchange Traded Funds (ETF) inflows on Monday and firms like Strategy adding BTC to their reserves.
Bitcoin (BTC) pauses last week's steady uptrend, declining below $115,000 on Monday. The pullback in the price of BTC is sending subtle shockwaves across the cryptocurrency market, with Ethereum (ETH) and Ripple (XRP) front-running the correction in altcoins.