Bitcoin News Today: Bitcoin Ethereum Stabilize Ahead of Fed Meeting Minutes Release

Bitcoin (BTC) and Ethereum (ETH) showed signs of stabilization on Wednesday following a two-day decline, with the broader crypto market entering a wait-and-see mode ahead of the Federal Reserve’s meeting minutes due for release later in the day [1]. At the time of writing, Bitcoin traded above the $113,000 level after bottoming at $112,566 earlier in the day. This partial rebound came after a 2.89% drop on Tuesday that briefly broke through the 50-day exponential moving average (EMA) at $114,911 [1]. Meanwhile, Ethereum recovered over 3%, bouncing off a support trendline of a rising channel pattern [1].

Technical indicators suggest that Bitcoin remains in a consolidating phase. The Moving Average Convergence Divergence (MACD) continues to decline after crossing below its signal line, reflecting bearish momentum. The Relative Strength Index (RSI) stands at 42, indicating sideways movement above the oversold zone, with buying pressure yet to strengthen meaningfully [1]. A break below the monthly low of $111,920 could push the price toward the 100-day EMA at $110,498 and then further down to $107,245 [1].

Ethereum’s performance appeared more robust compared to Bitcoin. The 3% rebound pushed the price closer to testing the all-time high of $4,868, though momentum indicators remain mixed. The MACD and RSI suggest a neutral outlook, with the latter at 55, hovering around the midpoint [1]. A slip below the $4,000 psychological level could result in further losses, testing the $3,941 support.

In contrast, XRP experienced a mixed performance. Ripple’s token fell below a key support level—a confluence of a rising trendline, the 50-day EMA, and a Fibonacci retracement—on Tuesday, dropping nearly 6.56%. By Wednesday, it rebounded over 1%, with bulls aiming to reclaim the 50-day EMA at $2.93 [1]. However, the RSI remains at 42, and the MACD continues to inch closer to the zero line, signaling ongoing bearish pressure. The immediate downside support is at the 50% Fibonacci retracement level at $2.78.

Market sentiment was further influenced by the broader macroeconomic backdrop. Open Interest (OI) for the crypto market dropped to $195.34 billion from $201.80 billion the previous day, suggesting capital is flowing out as traders adopt a cautious stance [1]. In the last 24 hours, liquidations totaled $447.98 million, with long liquidations significantly outweighing short ones at $362.31 million [1].

The Federal Reserve’s meeting minutes are expected to clarify its stance on potential rate cuts in September. Optimism for a 50 basis point (bps) cut, driven by the recent Consumer Price Index (CPI) data, has waned to a more likely 25 bps reduction, following the release of the Producer Price Index (PPI) last week [1]. The minutes, to be released at 18:00 GMT on Wednesday, will be closely watched for insights into the central bank’s future monetary policy.

Source: [1] Crypto Today: Bitcoin, Ethereum stabilize as XRP shows mixed signals (https://www.fxstreet.com/cryptocurrencies/news/crypto-today-bitcoin-ethereum-xrp-rebound-as-fed-meeting-minutes-draw-market-focus-202508201108)