As Bitcoin 
$78,302 hovers around $113,000, attention turns to Federal Reserve Chair Jerome Powell’s upcoming speech and the announcement of core PCE inflation data on September 26. Following the intense liquidations last week and on Monday, the cryptocurrency market is seeking a new direction heading into October.
Key Level for Bitcoin: $115,000
Following the 25 basis point interest rate cut announced by the Fed last week, Bitfinex analysts have highlighted the $115,200 mark as a critical threshold for Bitcoin. A daily close below this level could see Bitcoin’s price falling into the $105,500–$115,000 range. Meanwhile, QCP Capital reported that after experiencing $1.7 billion in liquidations on Monday, Bitcoin has returned to the $110,000–$120,000 range. The company added there is considerable demand for call options expiring at the end of October, valued between $120,000 and $125,000.
According to Glassnode data, the size of open positions in Bitcoin has decreased from $44.8 billion to $42.8 billion, indicating a reduction in leverage pressure on the largest cryptocurrency. Meanwhile, the total market capitalization of the cryptocurrency market remains just below $4 trillion, with Ethereum 
$2,332 balancing at approximately $4,200.
Institutional Funds and Whales Shape Market Activity
Timothy Misir from BRN reported that there were $363 million worth of outflows from U.S. spot Bitcoin ETFs and $76 million from Ethereum ETFs on Monday. However, on-chain data presents a different picture, showing that major investors are accumulating. Wallets holding between 10 and 10,000 BTC have accumulated approximately 56,000 BTC since August 27, while total exchange balances have decreased by 31,000 BTC over the past four weeks.
In the last 48 hours, three major exchange inflows were detected. Nevertheless, long-term investors appear to be active with buying actions. Analysts suggest that Powell’s speech in Rhode Island and the PCE inflation data release on September 26 will provide new insights into the Fed’s interest rate policy. If inflation pressures remain limited, additional liquidity support may be possible for October and beyond.
