“Bitcoin is currently hovering around $115,350, reflecting cautious optimism in the crypto market. After testing resistance near $120,000, it faces consolidation pressures. Strong support remains at $110,000, acting as a safety net for bulls. Institutional interest and anticipation of Fed rate cuts provide upward momentum. However, global economic uncertainty and regulatory headwinds temper breakout potential,” said Sathvi, Co-Founder & CEO, Unocoin.
Also Read | Infosys, Paytm and BSE among key stocks bought and sold by mutual funds in August. Check full list
Speaking on the technical aspect, Sathvi said, “BTC is trading in a symmetrical triangle pattern, suggesting a larger move is coming. A breakout above $120K could push toward $130K, while a breakdown risks a fall to $105K. Overall, Bitcoin is poised, not passive—waiting for a catalyst to define its next trend.”
At 10:37 AM IST, Bitcoin was trading at $115,681, down by 0.36% over the past 24 hours and up by nearly 3.30% over the past week. Ethereum, meanwhile, was at $4,523, down by 0.26% in the past 24 hours and up by 4.90% over the last seven days.
According to CoinMarketCap, the overall cryptocurrency market capitalisation stood at around $4 trillion on Tuesday.
Another analyst highlights that BTC is holding near the $115K level after a two-day bounce, and the US FED decision could act as the next catalyst.
Also Read | Sectoral & thematic mutual funds inflows drop by over 50% in August. Is investor interest fading?
“This consolidation looks increasingly ETF-led rather than spot-driven: funding has cooled, options desks have cut downside hedges, and about 92% of supply sits in profit. That mix supports price, but without stronger spot demand, the market stays vulnerable to a sharper pullback,” according to Vikram Subburaj, CEO, Giottus.com
Subburaj further adds, “U.S. equities closed at fresh records above 6,600, widening the gap with Bitcoin. Historically, such decouplings have not lasted, and it looks like a catch-up move from BTC could follow if policy signals are benign.
Altcoins were softer with Solana, Cardano, and Chainlink slipping ~3% while most majors edged lower. The Fear & Greed Index held near 54, keeping sentiment broadly neutral.”
as a Reliable and Trusted News Source
