Bitcoin Surges Past $111K Amid Positive Market Trends
The latest Bitcoin rally has been marked by a rise above $111,000, significantly buoyed by improving macroeconomic conditions and prospects of a potential US-China trade agreement.
Key Highlights:
- Bitcoin achieved a peak of $111,430, an increase of 4% within a day.
- A close examination of market trends suggests targets for Bitcoin could reach between $186,000 and $192,000 in upcoming weeks.
Bitcoin (BTC) managed to ascend beyond $111,000 during early European trading hours as an uptick in macroeconomic confidence rekindled investor interest. According to information from Cointelegraph Markets Pro and TradingView, Bitcoin’s price increased by 7.6% from Friday’s low of $103,530.
BTC/USD hourly chart. Source: Cointelegraph/TradingView
Positive Economic Signals
The price climbed significantly, showing a robust 7.6% uptick over the last few days.
Additional positive movements were observed across other major cryptocurrencies, including Ether (ETH), which rose 4.6% back above the crucial $4,000 mark, while coins such as XRP, Solana, BNB, and Dogecoin experienced gains between 3% to 5% over the same duration.
24-hour performance of top-cap cryptocurrencies. Source: Coin360
The bullish trend in Bitcoin is largely attributed to favorable macro conditions, including a confirmed summit between US President Trump and China’s Xi Jinping slated for October 31. This de-escalation of geopolitical tensions, along with failing expectations on previous interactions, has stirred favorable sentiment for cryptocurrencies.
Market analysts predict a high likelihood of a 25-basis-point rate cut in the upcoming Oct. 28-29 FOMC meeting. Such a move could result in a rate drop to the range of 3.75%-4%, injecting additional liquidity into markets.
Target rate possibilities at the Oct. 29 FOMC meeting. Source: CME Group FedWatch tool
Fed Chair Jerome Powell has indicated that quantitative tightening might come to an end soon, potentially boosting liquidity akin to trends observed in 2021.
Technical Analysis and Future Projections
From a technical analysis perspective, the recent Bitcoin momentum follows a bullish signal from the RSI. The indicator hints that selling pressure is starting to recede, as traders appear to be buying during dips.
Recently, analysts have noted potential bullish patterns indicating price targets reaching as high as $190,000 for Bitcoin in light of the ongoing favorable economic indicators.
For further reading on Bitcoin’s current market trends and predictions, refer to the annual updates from Cointelegraph.
This article is intended for informational purposes only and is not investment advice. Always conduct your own research before making financial decisions.
