The influence of the US Fed rate cuts has become apparent in the cryptocurrency markets, with Bitcoin starting to stabilize around its recent gains. Bears seem to be cashing in, with the BTC price falling beneath the key support level of $117,138. Following several weeks of significant increases, experts indicate that the cryptocurrency market is currently undergoing a typical slowdown, influenced by profit-taking and a reduction in derivatives positions.
Nonetheless, from an institutional perspective, the introduction of spot XRP and Dogecoin ETFs in the US, which saw $55 million in trading on their first day, indicates an increasing interest in regulated cryptocurrency offerings. Bitcoin has surged approximately 8 percent this month, marking one of its strongest Septembers in recent years, as the price approaches $117,000. Bitcoin was trading at $117,016.50, reflecting a 0.41 percent decrease over the last 24 hours. The asset fluctuated between $116,695.89 and $117,911.79 throughout the session. The daily trading volume reached $42.47 billion, with market capitalization holding firm at $2.33 trillion, solidifying Bitcoin’s position as the largest digital asset globally.
Bitcoin’s recent strength, was largely supported by retail investors, while larger whales have remained mostly inactive. This has contributed to stability, but that could shift if major players come back into the market. “Traders are keeping an eye on important technical levels — Bitcoin’s support at $117,000 and resistance close to $118,000,” stated Sehgal. Indicators indicate that resistance is forming around the $117,000 level, with the next significant resistance potentially near $120,000. Support remains intact within the range of 110,000 to 112,000. “Should BTC surpass resistance with significant volume, additional gains may be on the horizon; however, a failure to do so could result in a retreat toward support.” Recently, Bitcoin spot ETFs have seen significant inflows, totaling about $2.3 billion over the past week, with roughly $260–292 million coming in on just one day.
At the same time, Ethereum holders are sitting on considerable unrealized gains, as staking activity has decreased following the record deposits seen in August. At last check, the asset was trading at $4,549.83, down 1.44 percent, with intraday price fluctuations between $4,536.61 and $4,636.98. Trading volume hit $32.33 billion. Ethereum is currently around 8 percent lower than its recent high of $4,953, which was achieved on August 25, 2025. Sehgal noted that Ethereum is working to break through the $4,640–$4,765 range to initiate a new price discovery phase, set against the backdrop of the Fed’s dovish stance and the upcoming options expiry on Friday.