Bitcoin surged past the $113,800 mark, outpacing the $112,000 resistance and reaching new local highs ahead of the weekly close.
This breakout comes as traders and market analysts anticipate increased volatility and further gains in the near term.
Traders target higher levels
Throughout the weekend, bitcoin remained range-bound until a late Friday rebound, helped by encouraging US inflation data, propelled bulls to higher ground.
Trader Crypto Tony stated his strategy for the current market, commenting:
“Holding my long over $108,200. Targeting $113,000 highs next.”
Fellow trader Crypto Caesar observed that a decisive move above $112,000 could set the stage for a continued rally toward $123,000.
Meanwhile, investor Ted Pillows noted a sustained uptrend, highlighting four consecutive green daily candles and a targeted zone between $112,000 and $114,000. He added:
“I’m still eyeing a $112,000-$114,000 zone, as a reclaim could push BTC above $118,000 really soon.”
Short-term holder dynamics
The analytics account Frank Fetter emphasized the importance of the $113,000 level, identifying it as the current aggregate cost basis for bitcoin’s short-term holders—those holding for up to six months.
Frank Fetter remarked that regaining this level could open the door to a move toward the $130,000–$144,000 range.
For more on the realized price and short-term holder metrics, see the btc short term holder realized price chart and the realized price chart for btc.
Fed rate-cut expectations drive risk appetite
Attention now turns to the upcoming US Federal Reserve meeting, where markets expect a 0.25% interest rate cut, with probabilities exceeding 98% according to CME Group data.
The Kobeissi Letter contextualized this move, noting:
“So far, 82% of world central banks have cut rates over the last 6 months, the highest share since 2020. This century, central banks have slashed rates at a pace only seen during recessions. Global monetary easing is in full swing.”
With global monetary easing accelerating and the bitcoin price showing renewed upside momentum, traders are closely monitoring potential further rallies in the days ahead.
