Key points:
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Bitcoin is struggling to get back into the range of its highs after its latest selloff.
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BTC Price targets for the new “volatile retest” are focused on $111,000 and a $114,500 weekly close.
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Fed Rate-cut hopes see new record highs for S&P 500.
Bitcoin (BTC) remained under pressure at Wednesday’s Wall Street Open as US stocks hit record highs.
Bitcoin stages “volatile retest” at FOMC
Data from Cointelegraph Markets Pro and TradingView BTC price action showed a hold at $113,000.
BTC/USD took care of losses from a sell-off that started the US session, giving it a recovery to $116,000.
That level remained key to Close price targetswhile others are $114,500 on the upside and $111,000 on the bottom.
“Bitcoin is in the process of an expected volatile retest,” trader and analyst Rekt Capital write in X.
Rekt Capital highlighted Bitcoin’s 21-week exponential moving average (EMA) near the $111,000 mark.
“Bitcoin only needs a weekly close to $114.5k to confirm a successful retest,” he added alongside the weekly chart.
Trader Daan Crypto Trades has contributed to the 200-period Ema in the four-hour time frames, which is currently at $113,100.
“BTC is still in the range. $116k rejected twice today and the price moved back to near the large volume node around $111k,” He said X Followers.
Daan Crypto Trades also drew attention to the boundaries of the range at $ 116,000 and $ 107,000, respectively.
The rate was cut as “non-event” for the crypto markets
As crypto markets are tracked, the S&P 500 opened with a bang and a new all-time high of 6,914.
Related: BTC Price Price Record Monthly Closer: 5 Things to Know in Bitcoin This Week
The move came as risk asset traders braced for the US Federal Reserve’s interest-rate decision.
Count Cointelegraph reportedMarkets are widely expecting a 0.25% rate cut – a traditional tailwind for crypto, stocks and more.
Commenting, QCP Capital’s source suggests that Fed Chair Jerome Powell’s announcement itself had little impact.
“Tonight’s FOMC is widely expected to be a non-event. The Fed is set to deliver a 25bp cut, consistent with its September plot, and Powell is unlikely to offer new forward guidance,” it wrote in the latest “it”Asian color“Market update during the day.
“The absence of official data since the US government shutdown leaves us effectively flying blind. Without inflation or labor prints, any policy recalibration would be premature.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making decisions.
