Overview

• Bitcoin slipped back to roughly $115,000–$116,000 after probing near $118,000, leaving the week flat and the key ceiling unbroken.
• The Federal Reserve cut rates by 25 basis points on Sept. 17, a supportive shift that lifted risk appetite without delivering a clean breakout.
• About 30,000 BTC in options (≈$3.5B) expire today on Deribit, with a max‑pain level near $114,000 and a recent swing toward call volume that could influence settlement.
• Institutional demand remains strong, including roughly $2.8B of net inflows to US spot Bitcoin ETFs since Sept. 9 and a reported Fidelity purchase of about 837 BTC.
• On‑chain metrics suggest a healthier structure as long‑term‑holder risk cools; analysts cite upside targets of $125,000–$130,000 on a sustained move above $120,000, with downside scenarios opening if $115,000 fails.