Bitcoin is trading around $115,000 as the market awaits the Federal Reserve's interest rate decision, with analysts anticipating a potential 25 basis point cut. The atmosphere remains tense, with bulls preparing for a surge if the Fed delivers a cut viewed as a constructive signal. However, uncertainty prevails as broader volatility continues without a clear trend until the announcement provides direction.
Adding to the cautious mood, top analyst Maartunn highlighted concerning on-chain developments. Whale holdings have dropped significantly in recent days, with large players reducing exposure ahead of the Fed's decision. Total Bitcoin held by whales declined from 3.628 million BTC on August 22 to 3.52 million BTC by September 8 - a reduction of 108,000 BTC in just 17 days. This decline signals that institutional and high-net-worth investors may be adopting a defensive stance, preparing for potential turbulence.
Meanwhile, several factors support potential price gains. Glassnode estimates a net withdrawal of 44,000 BTC from exchanges in September alone, reversing the high deposit activity from July. This reduction in available supply eases potential short-term selling pressure. Additionally, US-listed spot Bitcoin ETFs added $2.2 billion between Wednesday and Monday, representing daily buying pressure more than 10 times greater than the amount of new Bitcoin mined each day.
Eric Trump's CNBC interview on Tuesday drew attention to Bitcoin's unique qualities, with the American Bitcoin co-founder describing BTC as "the greatest asset of our time" and a modern version of gold. Technically, Bitcoin is testing resistance at the $120,000-$123,000 zone, with buyers defending above $114,000 to prevent deeper corrections. A close above $123,000 could target $130,000-$135,000, while a break below $110,000 might drag price toward the $102,000-$105,000 support range.