Bitcoin price action firmed into the September 17, 2025 (GMT+0) session, with traders bracing for a widely expected 25-basis-point Federal Reserve rate cut and a potential liquidity boost across risk assets [1]. Spot snapshots showed Bitcoin price prints between roughly $116,300 and $117,300 on the day, keeping the market’s focus on the $117,000–$119,000 pivot that could define late-September momentum [2][3].

Barron’s reported Bitcoin at $116,747, up 1.1% over 24 hours and 7.5% month-to-date, edging toward August’s $124,000 high as policy expectations drove sentiment [1]. CryptoNews saw BTC touch $117,255 and ETH at $4,544, underscoring intraday strength ahead of the Fed decision and spotlighting the $118,000 liquidation cluster that could heighten near-term volatility if tested [2].

Key Takeaways

– Shows Bitcoin price at $116,747, up 1.1% daily and 7.5% month-to-date, approaching August’s $124,000 high amid an expected 25 bps Fed cut [1]. – Reveals US spot ETFs drew $260.02M into BTC and $359.73M into ETH, totaling $619.75M in inflows as traders positioned pre-Fed [2]. – Demonstrates Bitcoin’s market dominance at 58.3%, with seven-day hashrate averaging 1,021 EH/s and CME open interest at 144,220 BTC [3]. – Indicates bulls must reclaim and close above $117K–$119K daily; resistance at $117K remains pivotal for sustained upside [3][4]. – Suggests downside scenarios include a pullback to $111,100, with the 200-day EMA near $105,300 acting as deeper trend support [5].

Bitcoin price steadies near $117K as traders price a dovish Fed

The day’s trading captured a consistent narrative: Bitcoin price stability just shy of $117,000 while markets largely priced in a 25-basis-point cut and the prospect of renewed liquidity in risk assets [1]. Samer Hasn of XS.com cautioned that while a dovish Fed typically channels capital toward crypto, any policy surprise could amplify volatility across the complex, including Bitcoin and large-cap altcoins [1].

Price references differed by outlet based on timing. Barron’s noted $116,747 with a 1.1% 24-hour gain, while The Economic Times quoted $116,364 after roughly a 1% rise—both effectively signaling a tight range just under the $117,000 threshold [1][4]. CryptoNews captured a more bullish print of $117,255 as intraday flows pushed BTC closer to the upper bound of the range into the US session [2].

ETF flows and demand breadth: the numbers behind the move

Institutional and retail demand proxies advanced in tandem. US-listed spot ETFs logged $260.02 million in net inflows for Bitcoin and $359.73 million for Ethereum on the day, a combined $619.75 million vote of confidence as FOMC expectations crystallized [2]. Such inflows often serve as a short-term conduit of liquidity, bolstering depth on bids and underpinning the Bitcoin price near resistance zones when macro catalysts are front-of-mind [2].

The spillover into Ethereum was visible even as price signals diverged. CryptoNews put ETH at $4,544, while The Economic Times tallied $4,486, down 0.64% at their snapshot—an illustration of mixed token-level performance against a generally supportive, ETF-driven backdrop [2][4]. Analysts also flagged a potential push toward the $118,000 liquidation zone for BTC, an area where clustered stops could accelerate moves and widen intraday ranges [2].

Bitcoin price technical map: dominance, hashrate, and key levels

Market structure improved materially over the past week. CoinDesk’s Daybook highlighted Bitcoin surging from $107,000 to $117,000, reclaiming and trading above key moving averages, with bulls aiming to secure daily closes above the $117,000–$119,000 corridor to cement trend continuation into late September [3]. That corridor aligns with resistance cited by other market observers and sets a constructive line-in-the-sand for trend followers [3][4].

Dominance rose to 58.3%, reinforcing BTC’s role as the primary liquidity magnet during macro decision weeks, while the seven-day hashrate averaged 1,021 EH/s—both metrics that historically correlate with sturdier network and price resilience when demand improves [3]. On the derivatives side, CME Bitcoin futures open interest reached 144,220 BTC, signaling institutional positioning remains elevated into the event risk, and magnifying the potential for volatility if the policy path diverges from consensus [3].

Immediate zones to watch include resistance around $116,000–$120,000, with specific layers at $116,000, $118,000, and $120,000, and an increasingly psychological ceiling at $117,000 where spot and derivatives liquidity has coalesced [4][5]. On the downside, analysts warned that a breakdown could target $111,100, with the 200-day EMA stacked near $105,300 as a deeper trend support marker should macro conditions sour [5].

Macro setup: inflation, employment, and the liquidity channel

Beyond chart levels, the macro tape remains decisive. US inflation hovering around 3.1% and unemployment near 4.3% framed the Fed’s calculus as officials prepared to update rate projections and rhetoric on growth and prices [5]. Markets leaned toward a 25-basis-point cut while gaming the tone of the press conference for signals on the pace and extent of future easing—both factors with clear implications for crypto liquidity [1].

Commentary captured a nuanced message: dovish guidance typically encourages flows into Bitcoin and crypto ETFs as yields compress and investors seek higher beta exposure, but a hawkish surprise or mixed messaging on the path of cuts could compress risk and stoke cross-asset volatility [1]. That balancing act is particularly relevant with Bitcoin price pressing into resistance and derivatives metrics elevated, leaving less room for error around the $117,000–$119,000 inflection [3][1].

Short-term risks: $118K liquidation pocket and spread of outcomes

As spot neared $117,000, analysts cautioned that the $118,000 liquidation zone could be a magnet—and a minefield—where a quick run into stops might trigger a fast extension followed by a sharp mean reversion if buyers fail to hold reclaimed levels [2]. A failed breakout risks sending price back toward $116,000 and, in adverse scenarios, into the $111,100 area flagged by technicians, with the 200-day EMA at roughly $105,300 as a deeper trend reference [5].

Intermarket signals remained mixed on the day. The Economic Times observed ETH down about 0.64% at $4,486 even as BTC posted modest gains, suggesting selectivity beneath the surface and reinforcing the need to watch breadth and ETF flows for confirmation [4]. The blend of rising CME open interest and a pivotal macro event means path dependency is high—momentum continuation requires the daily reclaim over $117,000–$119,000, while any policy surprise could expose both sides of the order book [3].

What to watch next for the Bitcoin price

Into late September, the checklist is clear. First, track whether bulls secure daily closes above $117,000–$119,000; this would strengthen odds of retesting August’s $124,000 high if liquidity remains supportive [3][1]. Second, monitor US spot ETF flow velocity—sustained multi-hundred-million-dollar sessions would imply continued dip absorption and healthier depth around former resistance [2].

Third, keep an eye on dominance and hashrate: sustained prints near 58%+ dominance and a seven-day hashrate north of 1,000 EH/s typically reflect both risk preference and network security, which are beneficial for trend confidence during macro-heavy weeks [3]. Finally, respect the downside: a break toward $111,100 or a rising 200-day EMA near $105,300 would challenge bulls and reset expectations for the fourth quarter if macro winds turn [5]. For now, the Bitcoin price sits near a decisive pivot, with ETF demand and the Fed’s tone likely to steer the next leg [2][1].

Sources:

[1] Barron’s – Bitcoin Jumps, XRP and Ethereum Fall. This Can Spark the Next Crypto Rally.: www.barrons.com/articles/bitcoin-price-xrp-ethereum-crypto-fed-01e6c56b” target=”_blank” rel=”nofollow noopener noreferrer”>https://www.barrons.com/articles/bitcoin-price-xrp-ethereum-crypto-fed-01e6c56b

[2] CryptoNews – Why Is Crypto Up Today? – September 17, 2025: https://cryptonews.com/news/why-is-crypto-up-today-september-17-2025/ [3] CoinDesk – Fed Interest-Rate Decision, Press Conference Will Set the Tone: Crypto Daybook Americas: https://www.coindesk.com/daybook-us/2025/09/17/crypto-daybook-americas/

[4] The Economic Times – Bitcoin trades near $116K, Ethereum close to $4,500. Experts point out at momentum ahead of US Fed decision: https://m.economictimes.com/markets/cryptocurrency/bitcoin-trades-near-116k-ethereum-close-to-4500-experts-point-out-at-momentum-ahead-of-us-fed-decision/articleshow/123935869.cms [5] The Coin Republic – Bitcoin Price Braces for September 17 Fed Cut Decision This Week: www.thecoinrepublic.com/2025/09/17/bitcoin-price-braces-for-september-17-fed-cut-decision-this-week/” target=”_blank” rel=”nofollow noopener noreferrer”>https://www.thecoinrepublic.com/2025/09/17/bitcoin-price-braces-for-september-17-fed-cut-decision-this-week/

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