Bitcoin surged above $117,000 before easing, as traders anticipate the Federal Reserve’s first rate cut in over a year and weigh its potential impact on crypto markets.
Bitcoin briefly climbed past $117,000 before settling near $116,000 ahead of the U.S. Federal Reserve’s expected rate cut decision. The move follows weeks of inflows into spot Bitcoin ETFs and rising corporate adoption, which have reduced circulating supply by over one million BTC. Traders are debating whether the rally signals a breakout or a potential profit-taking moment. A Fed cut would be its first in more than a year and could fuel further gains, but uncertainty remains around market reaction given Bitcoin’s resistance near $120,000.