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Bitcoin hovered around $113,000 in Wednesday’s Asian trading session as investors stayed cautious ahead of the Federal Reserve’s policy decision later this week. Despite a 4.5% weekly gain, BTC slipped 0.7% in the past 24 hours, mirroring minor pullbacks across major cryptocurrencies. Ethereum (ETH) traded near $4,028, down 1.4%, while Solana (SOL) and Binance Coin (BNB) each fell about 2%. XRP, however, extended its rally to $2.62, buoyed by strong trading volumes.
Markets are on edge before the Federal Open Market Committee (FOMC) meeting on Oct. 28–29, where policymakers are widely expected to cut interest rates by 25 basis points, lowering the benchmark to 4.00%–4.25%. Analysts say the decision could significantly influence risk sentiment across crypto and traditional assets.
According to Thomas Perfumo, global economist at Kraken, macroeconomic uncertainty remains the biggest factor driving this cycle. “A 25bps cut is likely, and another could follow by December. But recent volatility shows how vulnerable crypto remains to external shocks,” he said.
Perfumo added that while institutional inflows remain steady, demand from corporate treasuries like MicroStrategyhas slowed. Still, ETF inflows continue to show bullish resilience, signaling growing adoption in traditional finance.
Meanwhile, tightening liquidity and renewed U.S. regional bank stress have reduced market depth, said Alice Li of Foresight Ventures. Exchange order-book liquidity is now just 40% of pre-drop levels, intensifying short-term volatility.
Despite near-term caution, analysts note technical strength in Bitcoin’s price structure. FxPro’s Alex Kuptsikevichhighlighted that BTC remains above its 50- and 200-day moving averages, with $108K as strong support and $120K as key resistance.
As traders brace for the Fed’s announcement, volatility could surge — but Bitcoin’s broader uptrend remains intact amid growing institutional interest and a resilient crypto market structure.
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