Bitcoin, Ethereum, XRP, Dogecoin Hold Ahead Of Pivotal FOMC Meeting

Cryptocurrency markets are trading sideways on Wednesday morning as investors await the Federal Reserve's interest rate decision.

Notable Statistics:

• Coinglass data shows 101,290 traders were liquidated in the past 24 hours for $214.12 million.    
• SoSoValue data shows net inflows of $292.3 million into spot Bitcoin ETFs on Tuesday. Spot Ethereum ETFs saw net outflows of $61.7 million.

Trader Notes: Crypto trader Poseidon said he plans to enter long positions if Bitcoin dips below $113,500 during the FOMC event. He marked $119,000 as strong resistance, expecting volatility on both sides, but doubts BTC will fall under $110,000, maintaining a bullish outlook overall.

Crypto chart analyst Ali Martinez cautioned that long positions and open interest are building at resistance, raising the risk of a long squeeze. According to Coinglass, BTC open interest rose 2.4% in a single day, underscoring leverage buildup.

For Ethereum, Michael van de Poppe noted that the token is holding at a critical support zone. A bounce here would show strength, but if support fails, he's eyeing a lower demand area to buy the dip.

The Cryptomist highlighted the formation of an ascending triangle on Solana. A confirmed breakout could trigger long entries with targets near $260.

XRP has broken out and is retesting its breakout level as support, according to Nebraskangooner. If the retest holds, he expects a push toward $3.30 or higher.

Trader Tardigrade observed a clean inverse head and shoulders pattern on the Dogecoin/Bitcoin pair. With the breakout and retest confirmed, he's now weighing whether to swap some BTC for DOGE. In a community poll, 73% of Crypto Twitter favored the swap, while the rest still back Bitcoin as the stronger play.

Read Next:

• Bitcoin, Ethereum Hold Steady Ahead Of Expected 25 Basis Points Interest Rate Cut

Image: Shutterstock