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Bitcoin Bulls Rebound to $113,000 ahead of Fed rate decision

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Semler Scientific Acquires 187 More Bitcoin, Surpassing 4,600 BTC In
Semler Scientific Acquires 187 More Bitcoin, Surpassing 4,600 BTC In

The following are key points.

  • Bitcoin’s surge through the $112,000 barrier brings weekly volatility to a close.

  • The BTC price is continuing to recover, and traders expect new local highs.

  • Next week, the US Federal Reserve will likely cut rates once more.

BitcoinBTCThe local market closed at $112,000 on Sunday, as investors hoped to reach new highs.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

Bitcoin eyes traders’ targets in fresh volatility

The Data of Cointelegraph Markets Pro The following are some examples of how to get started: TradingView According to the data, a BTC-price range was evident over the weekend.

Bulls moved to higher levels in the weekly range after a Friday late recovery. pleasing US inflation data.

The weekly closing is usually more volatile, and market participants are now looking for new highs.

Crypto Caesar, a trader from the Crypto Group observed that the resistance level of $112,000 was being tested on this day.

“A CLEAN break and close above it could confirm a bullish continuation toward $123K,” He wrote In a comment on X.

Chart of BTC/USDT one-day contract. Source: Crypto Caesar/X

Ted Pillows is a cryptocurrency investor and entrepreneur who had similar thoughts.

“$BTC seems to be in a short-term uptrend. 4 consecutive green daily candles, which means someone is consistently TWAPing Bitcoin here,” He told X Followers on the Day 

“I’m still eyeing a $112,000-$114,000 zone, as a reclaim could push BTC above $118,000 really soon.”

BTC/USDT one-day chart. Source: Ted Pillows/X

The X analytics account was named in honor of the economist Frank Fetter “watching” Break of $113,000.

Then, you can say that. added last week, represented the current aggregate cost basis for Bitcoin’s short-term holders — entities hodling for up to six months.

“If BTC can reclaim the short-term holder cost basis at $113k, a move into the blue band of $130k – $144k feels right,” I said.

Bitcoin STH Cost Basis Source: Frank A. Fetter/X

Fed rate-cut odds boost risk-asset play

Another important event is coming up for investors in cryptoassets.

Related: Worst Uptober ever? Bitcoin price risks first ‘red’ October in years

Fresh from lower-than-expected numbers for inflation, the US Federal Reserve was expected to reduce interest rates at its meeting on October 29 by 0.25%.

CME Group Data FedWatch Tool At the time this article was written, the probability of such an outcome exceeded 98%.

Fed’s target rates for the FOMC October meeting (screenshot). Source: CME Group

Trading resource, The Kobeissi Letter puts the Fed’s rate cuts into context in a global rates environment “pivot” By central banks

“So far, 82% of world central banks have cut rates over the last 6 months, the highest share since 2020. This century, central banks have slashed rates at a pace only seen during recessions,” It is a good idea to get a hold of someone else. wrote on X. 

“Global monetary easing is in full swing.”

Global central bank interest-rate data. Source: Kobeissi’s Letter/X

The article is not intended to provide investment advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.