In September, 44,000 BTC were withdrawn from exchanges, reducing available supply and easing short-term selling pressure. US-listed spot Bitcoin ETFs added $2.2 billion, exceeding mined supply demand. Bitcoin has traded in a narrow range awaiting the Fed’s interest rate decision. Eric Trump praised Bitcoin as a hedge against real estate weakness.

The decline in BTC on exchanges tightens liquidity near $116,000. Despite 2.96 million BTC still on exchanges, many are not offered on order books due to custody concerns. US-listed Bitcoin ETFs recorded $2.2 billion in net inflows, boosting investor confidence and pressuring Bitcoin price.

Eric Trump’s praise for Bitcoin highlighted its unique qualities and hedge potential. The Fed’s expected rate cut may modestly impact Bitcoin’s trajectory. US banks borrowing from the Fed’s Standing Repo Facility signals market stress, with overnight lending rates climbing to 4.42%.

Gold prices surged to an all-time high amid market uncertainty. Bitcoin could rally past $120,000 as demand strengthens through spot ETFs and corporate reserve strategies. Eric Trump’s endorsement reinforces Bitcoin’s role as an independent hedge.

Read more at Cointelegraph: Bitcoin $120K Target Draws Near As Fed Makes A Choice