Bitcoin’s price started the last week of October on a positive note with a rebound to $116,000, although cautious sentiment remains among traders. Despite recent bullish gains, the market has shown uncertainty as economic developments unfold, including a potential US-China trade agreement.

Key Market Observations

• Bitcoin recorded a weekly close of $114,500, suggesting a rally as traders strategize their next moves amidst volatile conditions.
• Market sentiment is tentative, especially with economists predicting a Federal Reserve interest rate cut and the ongoing review of inflation data.

Price Influences and Analysis

• Notable analysts, including Rekt Capital, highlighted critical support levels that Bitcoin must maintain. They noted:

“Bitcoin is positioned for a positive Weekly Close above the 21-week EMA (green)”
“This breakout shows a strong potential for prices to regain lost ground, contingent on market conditions.”

• Conversely, trader Roman pointed out warning signs that may indicate lingering bearish trends, emphasizing:

“I’ve been very adamant that HTF is exhausted.”

Predictions and Future Outlook

• Timothy Peterson voiced optimism about Bitcoin’s prospects, forecasting continued upward movement propelled by adjustments in interest rates. He mentioned:

“All dips are temporary; we eventually go higher.”

As October progresses, market participants are keeping a vigilant eye on upcoming developments, including crucial earnings announcements from major corporations and comments from key global leaders.