Bitcoin Targets $117,200 Resistance With Market Watching Fed Policy Decision

• Bitcoin eyes $117,200 resistance as investors await the Federal Reserve’s policy decision.
• BlackRock boosts holdings, acquiring 2,270 BTC worth $262.7 million, signaling institutional confidence.
• BTC consolidates near support at $113,500, with a breakout potentially driving new all-time highs.

Bitcoin is moving cautiously ahead while investors are waiting to see the outcome of the Federal Reserve’s subsequent policy meeting. Sentiment went positive after an institutional buying announcement. However, analysts show BTC’s course is reliant on breaking through or maintaining support at resistance.

At the time of writing, Bitcoin is trading at $ 115,120 with a 24-hour trading volume of $ 55.50 billion and a market cap of $ 2.29 trillion. BTC price increased 0.49% in the last 24 hours.

Source: CoinMarketCap

BlackRock Expands Bitcoin Holdings

Prominent crypto analyst, Crypto News Hunters, reported that BlackRock purchased 2,270 BTC valued at $262.7 million. The acquisition is evidence of greater participation by significant financial institutions in BTC in an effort to fortify it as a long-term store of value. The analysts note that BlackRock’s relentless buying is likely to bring hope as retail investors are still cautious.

Bitcoin Consolidates Ahead Of Crucial FOMC Decision

Meanwhile, crypto analyst Ted pointed out that currently, Bitcoin is consolidating below the $117,200 resistance. As per Ted, a clear breakout through it could push BTC to a new all-time high. Speaking of the downside risk, Ted said that if BTC breaks down below the support zone at $113,500, it could form a new monthly low.

Source: X

Looking ahead to tomorrow, tomorrow’s FOMC meeting will be the deciding factor in the next significant movement in BTC. The market is waiting to see if monetary policy will be the impetus towards a breakout or correction.

Also Read | Bitcoin and Ethereum Lead $3.3 Billion Crypto Inflows as Sharks Accumulate 65K BTC

Bitcoin Derivatives Show Cooling Momentum

Bitcoin’s derivatives market loses ground as overall activity slows. Volume dropped -18.05% to $61.31 billion, and open interest fell -1.37% to $81.77 billion. This indicates that leveraged positions are being unwound by market participants, as fewer new contracts are entering the market compared to recent sessions.

Source: Coinglass

The OI Weighted has reached 0.0073%, reflecting a low risk appetite among derivatives investors. This indicates a cautious atmosphere, as players avoid huge exposure while BTC price remains solid. Overall data suggests a market pause, and the trend shifts to a wait-and-see stance.

Source: Coinglass

Also Read | Bitcoin Faces Key Resistance at $116K, Eyes Breakout to $119K