On Monday, Bitcoin held steady above $116,400 (roughly Rs. 1.02 crore), extending its gain as traders positioned ahead of the US Federal Reserve’s rate decision this week. Ethereum was steady at $4,660 (roughly Rs. 4.11 lakh), while altcoins like Solana, Dogecoin, and Binance Coin also showed resilience. Expectations of a 25bps US Fed rate cut and continued inflows into crypto ETFs have led to strong market optimism. On Indian exchanges, Bitcoin was trading at Rs. 1.02 crore, while Ethereum stood at Rs. 4.11 lakh.
Altcoins Extend Gains Days Ahead of US Fed’s Decision
Solana (SOL) trades at $243 (roughly Rs. 21,640), up strongly after confirming a breakout, with momentum targeting $261 (roughly Rs. 23,000) if demand sustains. Dogecoin (DOGE) held at $0.28 (roughly Rs. 25), gaining on news of its ETF approval. XRP remained steady at $3.06 (roughly Rs. 270), while Binance Coin (BNB) trades at $934 (roughly Rs. 82,400) after recently meeting its new all-time high at $944 (roughly Rs. 83,000). Altcoins have reflected caution ahead of key macroeconomic updates.
Highlighting the market tone, Edul Patel, CEO of Mudrex, explained, “Fed Chair Powell’s commentary will be crucial in shaping the outlook. Any hint of future cuts could provide fresh upside for BTC. Currently, the $117,100 (roughly Rs. 1.03 crore) level remains a critical resistance, with strong support around $113,500 (roughly Rs. 1 crore). Meanwhile, Solana remains in the spotlight after confirming a breakout at $242 (roughly Rs. 21,300), with momentum pointing toward $261 (roughly Rs. 23,000) if buying interest sustains.”
“Traders are cautious as options activity points to volatility, but the resilience of majors highlights that conviction hasn’t faded. Dogecoin has received a boost from its ETF approval, setting the stage for potential upward moves, while XRP continues to trade sideways with eyes on liquidity trends. While near-term swings are inevitable, the bigger picture remains intact,” Avinash Shekhar, Co-Founder & CEO of Pi42, said.
The CoinDCX research team also pointed to strengthening market breadth, “Over $353 million (roughly Rs. 31,130 crore) worth of tokens will be unlocked this week with key events lined up, which could increase the volatility of the markets. In the meantime, the probability of the Federal Reserve lowering interest rates this week rises to 100 percent, flashing bullish signals. With this, Michael Saylor hints at another Bitcoin purchase this week, while whales accumulated over 16,860 BTC in the past 30 days, substantiating the bullish claim.”
Finally, the CoinSwitch Markets Desk observed, “Institutional flows via ETH ETFs and shrinking exchange reserves are tightening sell-side pressure, boosting sentiment. The Fed is expected to cut rates on September 17, driving speculative demand. But there’s a catch—longer-term Treasury yields may stay elevated due to inflation, undermining some of the potential tailwinds for BTC.”
As Bitcoin holds above $116,400 (roughly Rs. 1.02 crore) and altcoins are showing renewed strength, traders await the Fed’s decision, which can act as a catalyst for the next move. The stage for another rally will be set if BTC manages to make a breakout above $117,500 and reach the inevitable $118,000-$120,000 (roughly Rs. 1.04-1.06 crore).
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