• At press time, Bitcoin is trading at $113,491.
• Traders and investors are closely watching the Federal Reserve’s interest rate decision.
• The market expects the Federal Reserve to cut interest rates by 0.25% on October 29.

Lately, Bitcoin’s price has been rising in a fairly steady way. It pushed right past that stubborn $112,000 barrier just before the weekly close wrapped up. Folks in trading circles are now eyeing the chance for fresh all-time highs pretty soon.

Traders and investors stay focused on whatever the Federal Reserve decides next regarding interest rates. The latest market numbers show the odds of a rate cut sitting well over 98 percent. Most experts figure it will probably be a small drop of 0.25 percent.

Bullish Sentiment Builds

The overall mood in the cryptocurrency space leans positive these days. A number of market participants foresee additional upward movement for Bitcoin in the coming period. One analyst from Crypto Caesar points out that a firm close beyond $112,000 might signal a continued rise aiming for $123,000.

Another voice, Ted Pillows, sees Bitcoin following a temporary upward path. He mentions a likely range between $112,000 and $114,000 as a key area to monitor.

Also Read: Bitcoin Price Prediction: Whales Close BTC Short Positions, Is The Crypto Crash Over?

Fed Rate Cut Expectations

People watching the economy figure the United States Federal Reserve will cut interest rates by 0.25 percent at its October 29 meeting. The CME Groups FedWatch Tool provides data that backs up this expectation.

Such actions align with broader patterns worldwide, where 82 percent of central banks have reduced rates in the past six months. The Kobeissi Letter highlights that rate cuts this rapid have mostly occurred during economic downturns this century. These shifts could influence various asset classes, including cryptocurrencies.

Also Read: 2025 Breaks Record for Bitcoin Awakening as Dormant Wallets Move Billions  

Technical Analysis

Looking at charts, Bitcoin appears to challenge a supply barrier around $107,743. If it overcomes this, the price might advance to $118,000 or higher.

On the other hand, any setback could bring about a pullback in value. Opinions among experts differ on what happens next in the short term. Some expect a period of stability without much change. Others predict a more notable price rise soon.

Also Read: Ancient Bitcoin Wallet Stirs After 14 Years, Sparks $440 Million Whale Movement

Market Outlook

The cryptocurrency sector keeps changing in ways that demand attention from those involved. Staying updated on recent events and patterns proves valuable for participants. With the Federal Reserve’s choice approaching, it makes sense for investors and traders to observe closely. The community sentiment seems to be bullish, too.

They might need to tweak their approaches based on what unfolds. No one can say for sure if Bitcoin heads to higher levels or faces a dip. Still, the world of digital currencies often brings unexpected turns.

Also Read: Bitcoin Strengthens as Bullish Indicators Suggest Q4 Rally Ahead