Bitcoin Breaks Above $113,000 as Fed Rate Cut Odds Surge Past 98%
Bitcoin Tests $113K Ahead of Weekly Close as Traders Anticipate a New High
Bitcoin continues its upward momentum, testing the $113,000 mark before the weekly close as traders grow increasingly optimistic about setting new highs.
According to TradingView data, the world’s leading cryptocurrency spent most of the weekend moving within a tight range. However, a late-Friday rebound pushed BTC toward the upper end of its weekly trading channel, supported by positive U.S. inflation data that boosted investor confidence.
At present, market participants see potential for new local peaks, as weekly closes often come with heightened volatility and price acceleration.
Crypto trader Crypto Caesar highlighted that the $112,000 resistance level is currently under pressure.
“A decisive breakout and daily close above this level could confirm the continuation of the bullish trend, targeting the $123K zone,” he noted.
Investor and entrepreneur Ted Pillows echoed this sentiment:
“Bitcoin appears to be in a short-term uptrend with four consecutive daily gains, showing consistent buying activity through TWAP strategies. I’m keeping an eye on the $112,000–$114,000 area — if BTC reclaims this range, it could easily break above $118,000 soon.”
Meanwhile, other market observers remain watchful.
A popular analyst under the pseudonym Frank Fetter on X (formerly Twitter) said he’s “closely monitoring Bitcoin’s attempt to surpass the $113,000 mark.”
According to him, this level represents the average cost basis of short-term holders — those who have held Bitcoin for less than six months.
“If Bitcoin successfully reclaims the short-term holder cost basis around $113,000, a move into the $130,000–$144,000 range becomes entirely plausible,” the analyst added.
Fed Rate Cut Probability Fuels Risk Asset Momentum
Next week could prove pivotal for both the crypto market and risk assets in general, as the U.S. Federal Reserve is widely expected to cut interest rates by 0.25% during its meeting on October 29, following inflation data that came in below forecasts.
According to CME Group’s FedWatch Tool, the probability of a rate cut now exceeds 98%.
The financial commentary outlet The Kobeissi Letter noted that the Fed’s expected move comes amid a global monetary policy shift toward easing.
“So far, 82% of central banks worldwide have reduced interest rates in the past six months — the highest rate of cuts since 2020,” the post on X stated.
“Historically, such rapid and synchronized easing has only occurred during recessionary periods.”
The publication emphasized that a global wave of monetary easing is now well underway, creating favorable conditions for capital inflows into risk assets like Bitcoin and other cryptocurrencies.
