Key points:
Bitcoin returns to $112,000, bulls initiate a key resistance level retest.
BTC price action maintains a "bull market support channel," showcasing a classic support level retest.
Gold hits a new historical high, with market analysis highly praising BTC's position as a macro hedge tool.
BTC touched $112,500 after the Wall Street opening on Wednesday, as traders gradually turned bullish on BTC price trends.
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD is struggling to reclaim key support levels.
These support levels include $112,000 itself, which constitutes the bottom of large sell order liquidity on the exchange order book.
Data from CoinGlass indicates that the price consumed some liquidity that day, with the remaining extending to $114,000.
Notable trader CrypNuevo pointed out the ongoing key support battle.
"It looks like an attempt to reclaim support level 1, which would lead to the price returning to the range," he partially explained in a post on the X platform.
CrypNuevo noted that there are only two weeks left until a potential bullish catalyst for risk assets—the Federal Reserve's interest rate cut on September 17.
The post described this week's local low of $10,727 as a "false move," while another trader, BitBull, marked it as a classic support bounce.
"BTC price perfectly rebounded from the bull market support band," he told followers on the X platform, referring to the channel formed by two moving averages.
As Cointelegraph reported, many market participants still maintain a bearish outlook across multiple time frames, expecting a retest of the $100,000 mark as early as this week.
Regarding macro volatility, trading firm QCP Capital believes the future outlook is favorable for BTC.
"Two rate cuts this year seem reasonable, but keep a close eye on the breakeven point, as new tariffs may raise expectations," the firm summarized in its latest "Asia Watch" market report.
Data from CME Group's FedWatch tool confirms that market expectations for a rate cut in September have now exceeded 95%.
Gold reached a new historical high on Wednesday, hitting $3,567 per ounce.
Related: Bitcoin (BTC) bulls push for $112,000, gold hits new highs
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: “BTC price breaks through $112,000, Bitcoin bulls ‘still in control’”
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