Bitcoin price continues to see strong performance, climbing 13% since the significant sell-off due to liquidations on October 10. However, traders believe that to confirm a bullish trend reversal, the price needs to maintain daily closing values over $116,000. Reports indicate that sellers are active in capping price increases above this threshold.

Key Points:

• The capacity of Bitcoin traders to breach the $116,000 resistance may depend on the outcomes of the Federal Reserve’s decision regarding interest rates and the ongoing US-China trade discussions.
• Professional traders are taking profits during BTC price rallies, while retail investors are purchasing on dips alongside experiencing liquidations in futures markets.

As further data reveals, global exchange open interest is recovering, climbing from $28.11 billion to $31.48 billion, yet remains below its peak of $40.39 billion when Bitcoin was valued at approximately $124,600.

Market activities are affected by expectations surrounding imminent decisions by the US Federal Reserve and critical negotiations between US President Donald Trump and Chinese President Xi Jinping, with potential ramifications for both the stock and cryptocurrency markets.

Until the resolution of these events, Bitcoin’s value is expected to fluctuate between resistance at $116,000 and a support level at $110,000.