Bitcoin faced renewed selling pressure on Wednesday as U.S. equities reached fresh record levels, just hours before the Federal Reserve’s latest interest rate decision.
Bitcoin tests support amid volatility
According to TradingView data, Bitcoin hovered around $113,000, struggling to recover from a sharp sell-off that began during Tuesday’s U.S. trading session. The failed attempt to hold $116,000 left traders cautious, with short-term support eyed near $111,000 and resistance around $114,500–$116,000.
Market analyst Rekt Capital described the current action as a “volatile retest” phase, noting that Bitcoin’s 21-week EMA sits near $111,000 — a level critical for maintaining the broader uptrend.
“BTC just needs to close the week above $114.5K to confirm a successful retest,” the analyst wrote on X, sharing a chart showing the weekly structure.
Another trader, Daan Crypto Trades, pointed to the 200-period EMA on the four-hour chart sitting around $113,100, reinforcing the mid-range zone.
“Bitcoin remains stuck between $116K and $107K — two clean range boundaries. The $116K level has rejected twice now, sending price back toward the high-volume area near $111K,” he said.
Fed’s rate cut expected — but markets unfazed
Meanwhile, the S&P 500 surged to a new record high at 6,914, signaling strong optimism across risk assets even as crypto traded flat.
Investors awaited the Federal Open Market Committee (FOMC) announcement, with consensus expecting a 0.25% rate cut — typically seen as bullish for Bitcoin and equities.
However, analysts at QCP Capital argued that the decision would likely be a “non-event” for crypto.
“The Fed is set to deliver a 25bp cut consistent with its September guidance. With no fresh data since the government shutdown, Powell is unlikely to introduce any new forward outlook,” QCP noted in its Asia Color update.
They added that the lack of recent inflation and labor figures leaves policymakers “flying blind,” reducing the odds of any significant shift in monetary policy.
For now, Bitcoin’s fate may hinge less on the Fed’s move and more on whether bulls can defend the $111K–$113K zone before momentum returns.
Download the FREE Bitcoin Mining eBook
Kickstart your mining journey with essential insights:
https://bitmernmining.com/landing-page-ebook-download/
For more news, find me on Twitter Giannis Andreou and subscribe to My channels Youtube and Rumble
What is your opinion on this particular topic? Leave us your comment below! We are always intere
