Key Points:
BTC's volatility increased during the U.S. trading session, breaking through the $116,000 mark again.
Traders have differing views on BTC's short-term price trends, with target prices including reaching $117,000 before Wednesday's Federal Reserve interest rate decision.
The latest CME futures gap is increasingly becoming a downward target of market attention.
BTC broke through $116,000 after Wall Street opened on Tuesday, demonstrating the cryptocurrency market's strong rebound trend in its "October rally."
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD recorded a 1.6% intraday increase on the Bitstamp exchange, rising to $116,077.
In a trend that traders find increasingly surprising, BTC even broke the usual pattern of decline before significant U.S. inflation events—this time being the Federal Reserve's interest rate decision.
The market widely expects the Federal Open Market Committee (FOMC) to cut rates by 0.25% on Wednesday, and investors are closely watching Federal Reserve Chairman Powell's comments in the subsequent press conference for clues about future policy direction.
"BTC is performing quite well at the moment. It is holding steady at this position and has completed a slight retracement," said cryptocurrency trader, analyst, and entrepreneur Michaël van de Poppe on the X platform.
In another post, Van de Poppe noted that the inverse correlation between BTC and gold is driving this increase. Gold fell to $3,886 per ounce that day, marking its lowest level since October 6.
He wrote, "The pullback in gold and its entry into a consolidation phase is extremely bullish for risk assets, including various altcoins."
Meanwhile, trader Killa sees $117,000 as a local high before the FOMC decision, believing the price may subsequently retreat to the gap formed in the CME Group Bitcoin futures market recently over the weekend, around $111,000.
$BTCYour welcome. My LTF plan playing out perfectly. Bullish narrative into FOMC. https://t.co/BIGR5q8kR9 pic.twitter.com/U2nsYJUrtv
Killa pointed out, "As you can see, the CME gap is not far away, and I think breaking through this blue resistance zone will be a challenge."
Several market analysts still predict that BTC's price may experience a pullback before the Federal Reserve's policy decision.
Trading analyst BitBull specifically marked two important areas of focus—$106,000 and $110,000—before BTC/USD heads toward new historical highs.
"I still believe BTC has not reached its peak, and the market will see another significant upward trend," he pointed out to his followers on the X platform.
According to Cointelegraph, phenomena such as insufficient trading volume and bearish leading indicators diverging continue to raise market concerns, questioning whether the current bull market can sustain itself—or whether it can create new historical highs.
Related: Analysts say Bitcoin (BTC) price needs to meet this condition to break $115,000
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Bitcoin (BTC) Price Taps $116K, Analysts Weigh CME Gap Fill Possibility”
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