Bitcoin price action favored bulls as the weekly close neared, with BTC nearing $113,000 ahead of a key week for the Federal Reserve.
Market Update
Key points:
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Bitcoin brings upside volatility into the weekly close with a charge through $112,000 resistance.
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Traders hope for new local highs next as the BTC price recovery continues.
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The US Federal Reserve is tipped to cut interest rates again next week.
Bitcoin () challenged $112,000 into Sunday’s weekly close as traders hoped for new local highs.
Bitcoin eyes traders’ targets in fresh volatility
Data from and indicated that a range-bound BTC price action characterized the weekend.
A late rebound on Friday helped bulls move to a higher level in the week’s range, helped by .
Now, market participants saw the potential for fresh highs to emerge, with the weekly close typically experiencing increased volatility.
/ – Update
Holding my long over $108,200. Targeting $113,000 highs next.
— Crypto Tony (@CryptoTony__)
Trader Crypto Caesar observed the $112,000 resistance level being retested on the day.
“A CLEAN break and close above it could confirm a bullish continuation toward $123K,” he in a post on X.
Crypto investor and entrepreneur Ted Pillows had similar ideas.
“$BTC seems to be in a short-term uptrend. 4 consecutive green daily candles, which means someone is consistently TWAPing Bitcoin here,” he 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.”
Others waited in the wings, with the X analytics account named after famous economist Frank Fetter “watching” for a break of $113,000.
Watching .
— Frank (@FrankAFetter)
This, it 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,” it said.
Fed rate-cut odds boost risk-asset play
Looking ahead, the coming week holds another key event for crypto and risk-asset investors.
Related:
The US Federal Reserve, fresh from cooler-than-expected inflation numbers, was expected to cut interest rates by 0.25% at its Oct. 29 meeting.
Data from CME Group’s put the odds of that outcome at more than 98% at the time of writing.
Commenting, trading resource The Kobeissi Letter put the Fed’s cuts in context as part of a worldwide rates “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 .
“Global monetary easing is in full swing.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
