Key Points:
Bitcoin returned to $113,000 before the Wall Street opening on Tuesday, sparking discussions about a new round of gold mimicking trends.
This level has become a recommendation for long-term entry, but not everyone is bullish.
Liquidity conditions indicate that a short squeeze at $115,000 is brewing.
Bitcoin (BTC) rebounded to $113,000 on Tuesday, and traders' views on its price movement are gradually changing.
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD reached a new local high of $113,279 before the Wall Street opening.
BTC/USD continued the weekend's highs, holding the support at $110,000.
Currently, market participants believe that bulls are likely to launch a sustained offensive against the upper resistance zone.
Cryptocurrency analyst Michaël van de Poppe stated on X, "That's it."
He pointed out that Bitcoin has regained the 20-day simple moving average (SMA) near $111,500 and returned to the key $112,000 level.
He added, "Gold is making strong new highs, and $BTC is likely to follow suit." He also mentioned that Bitcoin typically lags briefly after XAU/USD breaks out.
Another trader, Crypto Tony, indicated that $113,000 is an appropriate entry point.
He confirmed to his fans on X, "Above $113,000 on the daily level is a bullish position."
Others are more cautious, including crypto investor and entrepreneur Ted Pillows, who noted that the lack of interest in the spot market is a reason to doubt the sustainability of the current local uptrend.
Meanwhile, liquidity data from cryptocurrency exchange order books shows a large number of sell orders above the price up to $114,500.
This has caught the attention of some traders, who suspect that this resistance zone may be a strategy to deliberately influence price movements.
"BTC is approaching the high-leverage short position zone," commented crypto investor and data analyst CW.
Data platform Material Indicators predicts that the area below $115,000 may pose some resistance for Bitcoin bulls.
Material Indicators believes that macroeconomic positives—especially the Federal Reserve's interest rate cut next week—should help push Bitcoin "back to its highs."
Material Indicators cautioned, "Don't be fooled by appearances into thinking that support won't be tested again, as this situation is always a possibility."
Related: U.S. Congress requests the Treasury Department to report on strategic Bitcoin (BTC) reserve details
Original article: “Bitcoin (BTC) Taps $113K, Analysis Sees Return to Highs on Fed Rate Cut”
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