Bitcoin traded around US$113,000 ahead of the Federal Reserve policy decision, as liquidity thinned and traders shifted into defensive postures. Analysts noted that although institutional inflows and ETF demand remain supportive, elevated valuations and macro risks are restraining upside. The cryptocurrency’s tight trading range and declining risk-appetite hint at potential volatility once the Fed statement drops. Market participants remain alert to signals on interest-rates, inflation and regulatory tone, all of which could dictate crypto’s next directional move.