Major cryptocurrencies showed resilience on Wednesday as investors digested the Federal Reserve’s decision to maintain interest rates. Bitcoin (BTCUSD) rose 0.30% to $80,834.44, while Ethereum (ETHUSD) gained 0.20%, reaching $2,343.35. However, XRP (XRPUSD) fell 0.70% to $1.32. The global cryptocurrency market capitalization increased 0.7% to $2.82 trillion over the last 24 hours.
Cryptocurrency-related stocks also performed well, with Strategy Inc. (MSTR) and Bitmine Immersion Technologies Inc. (BMNR) closing up 2.66% and 1.99%, respectively. Nearly $260 million in cryptocurrency positions were liquidated, including $155 million in long positions, according to Coinglass data. Bitcoin’s open interest slipped 1.31%, suggesting short covering rather than strong bullish buying.
Analyst Michaël van de Poppe remained bullish on Bitcoin, forecasting a range of $90,000, $95,000 for the fourth quarter. They noted aggressive spot buying against short perpetual positions, indicating underlying “structural demand” for BTC. “I would assume that we’re still at the end stage of the correction and that making this higher low indicates that we’re on edge for a big breakout upwards,” the analyst added.
On-chain analytics firm CryptoQuant observed that Bitcoin’s realized capitalization has been rising, aligning with the increase in prices. The firm suggested that if this trend continues, it could set the stage for further market advances, similar to the market structure seen in 2023.