Bitcoin is currently trading around $112,000, holding steady after a turbulent September. Compared with earlier TA updates this month, BTC has shifted from a strong mid-September selloff into a phase of sideways consolidation. The market is clearly waiting for a catalyst, with the FED meeting this week being the likely trigger.
Where We Are Now
- After peaking close to $124,000 in late August, BTC entered a corrective phase, dropping as low as $108,000 last week.
- The price has since bounced modestly but remains capped under $114,000–$115,000 resistance.
- Volume has been consistent, with no panic selling, showing that the market is in accumulation mode rather than in freefall.
Key Levels
- Resistance:
- $114,000–$115,000: Immediate short-term ceiling.
- $118,000: Secondary resistance that must break to re-target $120,000+.
-
$124,000: August high and major resistance.
-
Support:
- $110,000: Current strong support.
- $108,000: The recent local bottom.
- $104,000: Deeper safety net if sentiment flips bearish.
Momentum & Sentiment
- Momentum indicators show BTC has cooled off after being overheated earlier in the summer.
- Market sentiment is cautious, as traders are positioning ahead of the FED rate decision. If rate cuts are announced, BTC could quickly regain bullish momentum, while a more hawkish stance might lead to renewed testing of support zones.
- Compared with Ethereum (which bounced stronger after last week’s correction), BTC looks slightly weaker, but also less volatile.
What to Expect Next
- Bullish Case: A daily close above $115,000 could push BTC back toward $118,000 and potentially $120,000 if macro winds are favorable.
- Bearish Case: Failure to hold $110,000 could see BTC retesting $108,000, with risk of sliding toward $104,000 if FED outcomes disappoint risk assets.
📊 Outlook: Bitcoin is consolidating just above $110,000 support, holding steady before the FED meeting. The next move will likely be dictated by macro — rate cuts could fuel a rally toward $118,000–$120,000, while a cautious FED might bring another retest of $110,000–$108,000.
Do you think the FED will give BTC the push back above $115,000, or will we see another dip before the next leg up?