Bitcoin hovered around the $113,125 level on Wednesday, with liquidations sparking short-term volatility as the market remained range-bound amid uncertainty over the US Fed’s rate cut decision and the US-China trade negotiations.
At 11:24 am IST, Ethereum fell 1.05% to $4,028, while major altcoins — BNB, XRP, Solana, Dogecoin, Tron, Cardano — declined over 2% whereas Hyperliquid witnessed a rise of 2% in the same period. The global crypto market cap dropped 1.01% to $3.81 trillion, per CoinMarketCap.
Also Read | Silver ETFs down up to 28%: Buy the dip or stay away?
Edul Patel, CEO of Mudrex, says that BTC is trading around the $112,500 zone as liquidations trigger short-term volatility, the market is likely to remain range-bound until there’s clarity on the Fed’s rate cut decision and the US-China trade deal, and any positive news could put bulls back in control, helping BTC break the resistance $117,400.
On the downside, strong support stands at $107,800. Meanwhile, optimism remains high as Spot ETFs for Solana, Litecoin, and Hedera begin trading following the SEC’s approval, signalling growing institutional interest in the broader crypto market, Patel added.
In the past week, Bitcoin witnessed a jump of 4.50% whereas Ethereum saw a spike of 4.36%.
The CoinDCX Research Team noted that Bitcoin once again faced strong rejection above $116,000, pulling ETH below $4,000. Meanwhile, XRP held above $2.6 and BNB stayed above $1,100, while Solana slipped under $195, Dogecoin below $0.20, and Cardano under $0.65.
Also Read | Explained: What Sebi’s new TER rules mean for mutual fund investors
Bitcoin fell back below $113,000 even as U.S. equities notched fresh records to underscore a widening gap between traditional and digital risk assets. Despite recovering from the October 10-11 shock, resistance above $116,000 persists with limited follow-through from buyers. Analysts flag the short-term holder cost basis near $113.6k as a key pivot. Any failure to hold that level could extend the retracement toward sub-$108k. This would imply a deeper test of structural support.
