Bitcoin Surges Past $117K as Markets Await Fed Rate Decision

Bitcoin climbed to a four-week high above $117,000 on Wednesday as traders braced for the U.S. Federal Reserve’s latest interest-rate call and remarks from Chair Jerome Powell, events expected to spark sharp market swings.

Data from CME’s FedWatch tool put the odds of a 25-basis-point cut at virtually 100%, with only a slim chance of a larger half-point move. Prediction markets on Polymarket echoed that view, reinforcing expectations of a steady path toward multiple rate reductions by year-end.

Analysts say much of the anticipated policy shift is already reflected in prices, but Powell’s post-meeting press conference remains a potential catalyst. “Markets are locked on the FOMC Wednesday, with a 25 bps cut priced in,” Swissblock wrote on X, noting that traders will scrutinize Powell’s language for clues on how far and how fast the Fed might ease.

Bitcoin’s technical picture is equally critical. The leading cryptocurrency is now pressing against a resistance zone between $117,500 and $118,500. Breaking and holding above $118,000 could open the door to fresh all-time highs near $124,500, according to several market strategists.

A failure to clear that level, however, could see prices revisit the $114,000–$116,000 range or even the $112,000 area tied to the 100-day moving average.