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Bitcoin (BTC) registered a 1.11% hourly drawdown after the Federal Reserve kept its target range at 4.25%–4.50%, trading at $116,320.13 as of press time following a quick visit below the $116,000 threshold. This is the largest correction recorded during a single hour of trading since July 14, when BTC retraced 1.14% Major cap altcoins registered the same movement. Ethereum (ETH) slid 1.74% to $3,712.36 as of press time, while Solana fell 1.90% to $173.51, XRP 2.52% to $3.04, and BNB 1.46% to $775.27. The drop happened in tandem with Fed Chairman Jerome Powell’s speech following the latest FOMC meeting. He highlighted that tariffs’ pass-through to prices may be slower than expected, and the current numbers represent the “very beginning of tariff inflation.” Powell reiterated that he has no intention of resigning and said the Fed remains committed to its dual mandate. Lastly, he stated that there are no decisions regarding a rate cut in September, despite President Donald Trump saying that he heard Powell would cut interest rates at the next FOMC meeting. These developments from Powell’s speech added to the revising of a prior line in the Fed’s statement that uncertainty about the outlook “has diminished” to “remains elevated,” a backpedal suggesting lingering risks.  As a result, traders stopped fully pricing a rate cut in October, given as the most certain. Markets remain cautious Bitfinex analysts framed the macro picture as mixed. Gross domestic product (GDP) for the second quarter rebounded to 3% annualized after a 0.5% contraction in the first quarter.  Yet, much of the improvement reflected lower imports rather than robust domestic demand, according to a note from Bitfinex analysts. Final sales rose just 1.2%, while core Personal consumption expenditures (PCE) eased to 2.5% quarter-over-quarter, and 2.9% year-over-year. That backdrop leaves the Fed inclined to hold steady amid “persistent inflationary risks.” With the Fed softening its confidence and highlighting elevated uncertainty, Bitfinex analysts highlighted that crypto’s relief bid lacked fuel.  If policymakers continue to flag sticky inflation or question the quality of GDP growth, they expect a measured downside. As a result, Bitcoin could probe $114K or lower, with ETH also softening. The analysts warned that in the post-FOMC window, traders should watch order-flow response, volatility skew shifts, and funding-rate dynamics for confirmation of direction. The post Bitcoin whipsaws below $116k in largest correction in two weeks in 1H timeframe; risks a pullback to $114k appeared first on CryptoSlate.