Bitcoin Surges Past \$116,700 While Ethereum and Altcoins Hold Steady Before Fed Policy Update

The cryptocurrency market is showing signs of steady momentum as investors await the outcome of the U.S. Federal Reserve’s policy decision scheduled for Wednesday. XRP remains at $3.01 (roughly Rs. 260), while Binance Coin (BNB) continues its upward push to $948 (roughly Rs. 82,000). Solana (SOL) saw a minor decline to $234 (roughly Rs. 20,300), and Dogecoin (DOGE) trades around $0.265 (roughly Rs. 260). Analysts say traders are closely monitoring institutional flows and macroeconomic signals, which will likely shape the market’s next direction.

According to Edul Patel, CEO of Mudrex, the crypto market is gaining traction, partly fueled by supply-side dynamics. He cited Glassnode data showing that more than 44,000 BTC were withdrawn from exchange reserves in September alone. This tightening of available liquidity could ease immediate selling pressure. Patel added that gold’s recent rally to record highs may reinforce Bitcoin’s bullish outlook, creating additional support for the world’s largest cryptocurrency.

Market analysts at CoinSwitch emphasized Bitcoin’s symmetrical trading pattern, suggesting that compression in price movement could lead to a decisive breakout. They also highlighted that the upcoming Fed decision is a key driver of market sentiment, with growing speculation around a possible 25 basis point rate cut. Softer inflation numbers and weaker labor market data have strengthened these expectations. Furthermore, discussions around the proposed U.S. Bitcoin Strategic Reserve Act are adding to the long-term bullish narrative, potentially influencing both demand and regulation.

CoinDCX researchers pointed out that Bitcoin registered a solid rise before the daily close, bolstering bullish momentum. The team noted that BTC continues to form higher highs and higher lows, which keeps altcoins in a phase of consolidation. While XRP and BNB have shown relative strength, ETH, SOL, DOGE, and ADA are struggling to defend key support zones. Sentiment remains cautious but steady, with investors awaiting both regulatory clarity—such as the SEC’s delayed review of the Truth Social Spot Bitcoin ETF—and the Fed’s policy announcement before making major moves.