Bitcoin Surges Past $117K as Markets Await Fed Rate Decision

Bitcoin climbed to a four-week high above $117,000 on Wednesday as traders braced for the U.S. Federal Reserve’s latest interest-rate call and remarks from Chair Jerome Powell, events expected to spark sharp market swings.

Data from CME’s FedWatch tool put the odds of a 25-basis-point cut at virtually 100%, with only a slim chance of a larger half-point move. Prediction markets on Polymarket echoed that view, reinforcing expectations of a steady path toward multiple rate reductions by year-end.

Analysts say much of the anticipated policy shift is already reflected in prices, but Powell’s post-meeting press conference remains a potential catalyst. “Markets are locked on the FOMC Wednesday, with a 25 bps cut priced in,” Swissblock wrote on X, noting that traders will scrutinize Powell’s language for clues on how far and how fast the Fed might ease.