As Fed rate-cut reactions boost crypto bulls, Bitcoin eyes a key resistance zone to flip into support
Key points
• Bitcoin bulls are busy flipping key levels back to support; can they crack $118,000 next?
• New all-time highs are on the horizon if the Fed reaction uptrend continues.
• Exchange traders are already bringing in large lines of liquidity on either side of price.
Bitcoin sought to flip $117,000 to support on Thursday as the Federal Reserve interest-rate cut boosted crypto markets.
BTC/USD one-hour chart. Source: TradingView
Data from TradingView showed BTC/USD gaining up to 1.3% after the daily close.
Volatility hit as the US Federal Reserve announced its first rate cut of 2025, coming in at 0.25% to match market expectations. After a brief dip below $115,000, Bitcoin rebounded, liquidating both long and short positions to the tune of over $100 million over 24 hours.
Among traders, hopes were high that bulls would cement support and continue on to challenge all-time highs.
“The more important part; will $BTC break through this crucial resistance zone?” crypto trader, analyst and entrepreneur Michaël van de Poppe queried in a post on X.
An accompanying chart showed the bulls’ next battle at $118,000.
“All I’m sure about is that, once Bitcoin stabilizes, we’ll start to see big breakouts on Altcoins occur,” he added.
Popular trader Daan Crypto Trades agreed that BTC/USD would “quickly visit” all-time highs should $118,000 flip to support.
Disclaimer: This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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