Key Points:
Bitcoin bulls are actively turning key price levels into support—can they break through the next $118,000 threshold?
If the upward trend from the Federal Reserve's interest rate cuts continues, a new historical high may come soon.
Exchange traders have concentrated a large amount of liquidity near key price levels.
Bitcoin (BTC) attempted to turn $117,000 into support on Thursday, with the Fed's interest rate cuts driving the crypto market up.
Cointelegraph Markets Pro and TradingView data show that BTC/USD rose as much as 1.3% after the daily close.
The Federal Reserve announced its first interest rate cut in 2025, by 0.25%, in line with market expectations. This led to increased market volatility.
After briefly dipping below $115,000, Bitcoin quickly rebounded, with over $100 million in liquidations on both long and short positions within 24 hours.
Traders generally believe that after consolidating support, the bulls will continue to challenge historical highs.
"More importantly, can $BTC break through this significant resistance zone?" crypto trader, analyst, and entrepreneur Michaël van de Poppe stated on the X platform.
Accompanying charts indicate that the next step for the bulls will be to conquer the $118,000 level.
"The only thing I'm sure of is that once Bitcoin stabilizes, altcoins will see a significant breakout," he added.
Additionally, well-known trader Daan Crypto Trades also agrees on the importance of $118,000. This price level became a local high for BTC when Fed Chair Powell made dovish comments at the Jackson Hole symposium in August.
"$BTC, $118,000 is a high-volume area within the current range, where most of the trading volume is concentrated," he pointed out on the X platform.
He stated that if $118,000 turns into support, BTC/USD will "quickly test" historical highs.
Order book data from exchanges shows that liquidity on both sides of the spot price thickened on Thursday.
After the Fed's announcement, traders actively adjusted support and resistance ranges, keeping the price within the range.
CoinGlass data indicates that the key price levels to watch that day are $116,500 and $119,000.
Related: Vitalik Buterin defends Ethereum (ETH) exit queue, Galaxy Digital deletes controversial post
Original article: “Traders: Bitcoin (BTC) bulls will quickly test historical highs if they reclaim $118,000”
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