Bitcoin Crosses $117K After Fed Rate Cut | Ethereum, XRP Gain
Bitcoin crosses $117K after Fed’s 25 bps rate cut. Ethereum, Solana, XRP, and Dogecoin approach key resistance levels as crypto market momentum builds.

Bitcoin surged above $117,000 on Thursday, leading gains across cryptocurrency markets after the U.S. Federal Reserve lowered interest rates by 25 basis points. The move lifted risk appetite in both equities and digital assets, marking Bitcoin’s highest level in weeks.
Other major cryptocurrencies, including Ethereum, Solana, XRP, and Dogecoin, also posted gains as traders monitored key price levels that could determine near-term market momentum.
Market Snapshot
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Bitcoin (BTC): $117,201.67
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Ethereum (ETH): $4,581.02
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Solana (SOL): $246.71
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XRP: $3.13
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Dogecoin (DOGE): $0.2804
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Shiba Inu (SHIB): $0.00001334
The synchronized movement among large-cap cryptocurrencies highlights the close link between central bank policy decisions and digital asset performance.
Bitcoin Trades Above $117,000, Eyes $118,000
Bitcoin’s climb above $117,000 brings it close to the $118,000 level, which capped gains after Fed Chair Jerome Powell’s dovish remarks at Jackson Hole in August.
Traders say a sustained move above $118,000 could open the path to $120,000, while failure to hold momentum may see a pullback to $113,000–$115,000, key support zones for short-term stability.
High liquidation levels in the past 24 hours — over 107,000 traders liquidated, erasing $400.85 million — add to volatility, as short positions are forced to cover. Analysts warn that profit-taking could intensify if Bitcoin fails to clear resistance.
Ethereum Holds $4,580, Faces Short-Term Pullback
Ethereum rose above $4,580, but technical indicators signal caution. A TD Sequential signal on daily charts suggests a possible short-term pullback.
Key support lies at $4,570, with additional support at $4,500, levels tested during last week’s consolidation. On the upside, a move past $4,600 could push Ethereum toward $4,750, last tested in early summer.
Ethereum continues to attract institutional interest, particularly through spot ETFs and its role in DeFi applications and smart contracts, making its price action influential for the wider altcoin market.
Solana Near $250 Level
Solana traded at $246.71, approaching the $250 resistance, a level that has capped rallies since November 2021. Every attempt above this mark over the past three years was rejected, making it a critical hurdle.
A decisive close above $250 could lift prices toward $265–$270, while failure may send Solana back to support at $235, followed by deeper support near $220.
Solana has gained over 40% in the past three months, driven by developer activity and adoption of Solana-based decentralized applications, which could fuel a stronger breakout than seen in previous years.
XRP Tops $3.13, Breaks Short-Term Ceiling
XRP traded at $3.13, surpassing the $3.10 level that had constrained gains in recent sessions. Analysts say momentum remains strong, with the next target at $3.25, which was last reached in early 2022.
Support is found at $2.95, where buying stabilized the market. XRP’s rise is reinforced by progress in Ripple’s U.S. legal case and increased usage in cross-border payments, attracting both retail and institutional investors.
Dogecoin Trades Above $0.28
Dogecoin held $0.2804, consolidating after recent gains. Traders note that a sustained move above $0.285 could open the path toward $0.30, last tested earlier this year.
Support is at $0.275, where buyers have stepped in during recent dips. DOGE’s movement remains closely tied to Bitcoin trends, with broader market strength likely determining its next leg higher. Rising trading volumes on major exchanges indicate continued retail interest despite volatility.
ETF Flows Show Institutional Caution
Despite rising crypto prices, spot ETFs tracking Bitcoin and Ethereum saw withdrawals on Wednesday:
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Bitcoin spot ETFs: $51.3 million outflow
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Ethereum spot ETFs: $1.9 million outflow
These funds are mainly used by institutional investors. Analysts interpret the outflows as caution among large investors, who may wait to see if Bitcoin can maintain gains above $118,000 before committing fresh capital.
Crypto and Equities Lifted by Fed Rate Cut
The Federal Reserve’s 25-basis point rate cut on Wednesday boosted risk appetite across markets.
U.S. equities responded positively:
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S&P 500: +0.7%
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Nasdaq Composite: +1.1%
Traders say the rally in stocks supported crypto gains, with Bitcoin reclaiming $117,000 and altcoins following suit.
Analysts Split on Bitcoin’s Near-Term Direction
Traders are divided on Bitcoin’s next move:
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Bullish scenario: Holding $117,000–$118,000 could push Bitcoin to $120,000, supported by strong liquidity and altcoin momentum.
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Cautious scenario: Resistance near $118,000 may trigger profit-taking, pulling the price toward $113,000–$115,000. High liquidation levels increase short-term volatility.
Key Levels for Traders
Bitcoin’s near-term direction may set the pace for altcoins:
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Bitcoin: $113,000–$115,000 support; $118,000–$120,000 resistance
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Ethereum: $4,570–$4,580 support; $4,600–$4,750 upside
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Solana: $235–$246 support; $250–$270 resistance
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XRP: $2.95 support; $3.25 resistance
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Dogecoin: $0.275 support; $0.30 upside
Institutional participation, ETF flows, and macroeconomic signals will continue shaping price movements in the coming days.
Market Summary
The Federal Reserve’s first rate cut of 2025 has shifted investor sentiment, encouraging renewed risk-taking across financial markets, including cryptocurrencies. Bitcoin led the rally, while major altcoins showed synchronized gains, reflecting broader market momentum.
Institutional investors remain cautious, with ETF withdrawals signaling measured participation, while high volatility in derivatives indicates continued short-term price swings. Traders are now closely watching whether the market can maintain momentum in the coming sessions, as central bank policies and investor behavior will continue to shape crypto trends.
Also Read: Fed Cuts Interest Rates for First Time in 2025, Signals More Easing