Bitcoin News Today: Price Holds Steady at $115K Amid Fed Rate Cut Anticipation

Key Takeaways:Bitcoin is testing resistance at $118K, with $114K support key.Analysts predict Bitcoin could break $118K resistance if Fed cuts rates.Institutional confidence in BTC remains strong, Strategy’s latest purchase worth $60MBitcoin is currently trading around $115,629.18, maintaining its position within a narrow range between $114,000 and $117,000. This price action comes amid rising anticipation of the Federal Reserve’s upcoming rate decision, which could influence the next move in the cryptocurrency market.BTC Price Movements TodayBitcoin's price has remained relatively stable, up 0.30% in the last 24 hours. It is currently testing the $118,000 resistance zone. The $114,000 level has provided solid support, and a sustained hold above this could signal the end of the current price correction.Macroeconomic Context and Institutional Confidence The market is closely watching the Federal Reserve's stance on interest rates. If the Fed lowers rates by 25 basis points, it could provide a slight bullish push for Bitcoin. A more aggressive 50 basis point cut could spark a massive rally in Bitcoin, stocks, and gold, as it would signal a more dovish stance from the Fed amidst a weaker economic outlook.Institutional interest in Bitcoin is also on the rise, with substantial inflows into Bitcoin spot ETFs. On Monday, Strategy disclosed it had acquired 525 BTC for approximately $60.2 million in the previous week. According to the Strategy BTC tracker, the company now holds 638,985 BTC, with its BTC NAV standing at $73,979 million.BTC Outlook: Key Price Levels to WatchBitcoin’s short-term outlook hinges on several factors. A breakout above $118,000 could trigger a sharp rally towards $123,000, while a drop below $114,000 would suggest a further correction, with $112,000 and $103,000 acting as potential support levels.Institutional flows into Bitcoin ETFs continue to show strong demand, indicating confidence in Bitcoin's long-term potential.