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The Bitcoin price has dropped a fraction of a percent in the last 24 hours to trade at $116,936 as of 1 a.m. EST on a 35% decrease in daily trading volume to $42.55 billion.
The slight drop in the BTC price comes as a large golden statue of President Donald Trump holding a Bitcoin appears outside the US Capitol in Washington, DC.
The statue was revealed just after the US Federal Reserve cut interest rates by 25 basis points on Wednesday, bringing the benchmark rate down to 4% to 4.25%.
JUST IN: 🇺🇸 Golden statue of President Trump holding a Bitcoin placed outside US capital. pic.twitter.com/LSoOqiwHHr
— Bitcoin Junkies (@BTCjunkies) September 17, 2025
Crypto investors organised the display to spark discussion about digital money and its place in politics and finance. The organisers called Trump the “Bitcoin President,” saying his support helped Bitcoin gain popularity and trust.
New protest sculpture on the National Mall pays tribute to “The Bitcoin President.” pic.twitter.com/EiE5vbc8Ty
— Andrew Leyden (@PenguinSix) September 17, 2025
Meanwhile, NBA star Kevin Durant is also in the news after finally regaining access to his Bitcoin account on Coinbase, which he had been unable to access for years.
Durant’s early investment in Bitcoin, which started way back in 2016, has turned into a huge win.
NEW: NBA star Kevin Durant invested in Bitcoin in 2016 but was locked out of his Coinbase account until this week. 🚨
BTC was $650 then, now $117K, up 180x.
A $10K buy would be worth $1.8 MILLION today. 🔥 pic.twitter.com/4kSlpU5XV9
— Bitcoin Archive (@BTC_Archive) September 18, 2025
Bitcoin Price: On-Chain Trends Remain Bullish
On-chain data shows that the number of Bitcoin transactions keeps climbing, and more wallets are active than ever before. Bitcoin is still being moved off exchanges to long-term storage, meaning many holders plan to keep their coins for a while rather than sell at current prices.
Bitcoin Transaction Count Source: Crypto Quant
This reduces selling pressure and usually helps support the price. The overall health of the Bitcoin blockchain remains strong. Steady growth in activity and transactions gives confidence to traders and investors.
While there is some caution, with people waiting to see what the Fed does next, the on-chain picture looks positive for now.
Bitcoin Signals More Upside as Momentum Stays Strong
Bitcoin is trading at $116,962, after moving up 1.43% in the last day. The price is holding above important support levels at $110,000 and $105,000. These zones have recently stopped any sharp drops.
The chart also shows BTC above its 50-week moving average, now at about $98,000. This moving average is a key long-term support for bullish trading. Resistance is at $124,533, just below its recent high.
If Bitcoin stays above support 1 at $110,000, there could be another rally, with price aiming for the $124,000–$125,000 area. A breakout above this could push the coin price toward new all-time highs.
BTCUSD Analysis Source: Tradingview
The technical indicators are mostly positive: the MACD line is currently above its signal line, which is a bullish signal, though the gap between them is narrowing. The histogram displays small positive bars, indicating that momentum remains upward but may be slowing down.
This pattern suggests that while Bitcoin still has buying strength, the pace of the rally could moderate soon unless the MACD line pushes further away from the signal line.
Bitcoin Bulls Target $124K Resistance
The Relative Strength Index (RSI) sits around 60.5, which means Bitcoin has positive momentum but is not yet overbought. This implies there is still room for the price to rise before traders should worry about a possible reversal caused by overextended gains.
The Average Directional Index (ADX) reads near 24.7, indicating the current trend is moderately strong but not extremely dominant. An ADX below 25 suggests that while an upward trend exists, it may not be very powerful, and Bitcoin could experience sideways movement or small pullbacks.
If Bitcoin breaks under $110,000, the price could fall back toward the $98,000 support. Until then, the bulls have control, and more gains are possible.
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