Key Points:
After the Federal Reserve cut interest rates by 25 basis points, BTC struggled to maintain above $115,000.
The Federal Reserve hinted at another 50 basis points cut by 2025.
BTC futures open interest surged, while spot trading volume continued to decline.
BTC is working to stabilize its price above $115,000, following the Federal Reserve's 25 basis point rate cut, which lowered the benchmark range to 4.0%–4.25%. The cryptocurrency market reacted mildly, as traders digested the central bank's cautious policy stance. The BTC price briefly dipped below $115,000 and is currently attempting to close above this key level on the hourly chart.
The statement released by the Federal Open Market Committee (FOMC) on Wednesday emphasized that job growth has noticeably slowed, the unemployment rate has risen, and inflation remains relatively high. Notably, the Federal Reserve acknowledged that the downside risks to employment have increased, making its policy stance clearly dovish.
New forecasts indicate that another 50 basis points cut is expected by 2025, highlighting the Federal Reserve's growing concerns about risk balance. Although the FOMC emphasized its continued commitment to a 2% inflation target, its policy focus has shifted more towards supporting growth and employment in the context of slowing economic momentum.
Newly appointed Federal Reserve Governor Stephen Miran holds a different view, expressing a preference for a larger half-point cut, which further reinforces market expectations that the central bank is preparing to implement a more accommodative monetary policy path.
Despite the dovish policy shift, BTC's market reaction has been relatively slow, with price consolidation dominating rather than a clear direction. Analysts point out that traders are cautious, weighing the Federal Reserve's long-term easing trajectory against ongoing inflation uncertainties and global market risks.
Earlier, Cointelegraph reported that market analyst Nic Puckrin believes the impact of the Federal Reserve's rate cut may have already been priced in by the market, increasing the likelihood of a short-term "sell the news" reaction. Professional traders warn that while lower borrowing costs typically benefit risk assets in the long run, initial market optimism may quickly fade.
This means that even with a positive outlook during a long-term easing cycle, BTC and the broader cryptocurrency market may face short-term volatility.
Following the FOMC announcement, BTC open interest surged rapidly, indicating that futures traders are preparing for higher volatility. However, the spot market presents a starkly different picture, as overall spot trading volume continues to decline despite a significant increase in futures trading volume.
This discrepancy clearly indicates that the current price movement is primarily driven by leveraged positions rather than genuine spot buying demand. Market experts note that without stronger spot buyers participating, the sustainability of the price action remains in question, and if leveraged positions are concentrated and unwound, the market could experience severe fluctuations.
Related: Bitcoin (BTC) price breaks above $117,000, traders closely monitor the Federal Reserve's rate cut.
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Bitcoin (BTC) Still Falls Below $115,000 After Federal Reserve Implements Quarter-Point Rate Cut”
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