Bitcoin’s price trajectory shows promising upward momentum as market anticipation builds around a likely Federal Reserve interest rate cut. The cryptocurrency commenced weekly trading at $114,505, displaying minimal gaps on CME charts that signal potential early recovery.
Technical analysts pinpoint $118,000 as a crucial resistance threshold Bitcoin must overcome before advancing toward the $124,000 target. Current market projections assign an 87% probability to a 25-basis-point Fed rate cut during the pivotal September meeting.
Short-term technical assessments indicate Bitcoin might briefly retreat toward the $110,000-$112,000 support range before catalyzing its projected ascent. This anticipated pullback is viewed as a consolidation phase preceding renewed bullish momentum.
The Federal Reserve’s September decision represents a decisive catalyst for Bitcoin’s valuation. Analysts emphasize that confirmed rate cuts could propel prices beyond forecasted highs, with sustained institutional interest reinforcing Bitcoin’s position as a macroeconomic hedge asset.