Bitcoin Price Analysis: BTC Crosses $115,000 As US-China Trade Talks Boost Market Sentiment

Bitcoin (BTC) rose sharply on Sunday as macroeconomic developments, including positive US-China trade talks and increasing odds of a rate cut by the Federal Reserve brought about the return of bullish sentiment. 

The flagship cryptocurrency rose nearly 4% on Sunday to reclaim $114,000 and settle at $114,666. The price crossed $115,000 during the ongoing session, reaching an intraday high of $116,410 before moving to its current level of $115,478. 

Crypto Market Shakes Off Market Crash Hangover 

BitMine Immersion Technologies Chairman Tom Lee believes the worst is over after the biggest crypto deleveraging event in five years, adding that a year-end rally could be on the cards. The October 10 meltdown, triggered in part by US-China trade tensions, erased billions in value from the cryptocurrency market. 

“That was the biggest liquidation event in five years for crypto. So, there are still those ripple effects, two weeks later, that are plaguing the crypto market.”

However, Lee believes Bitcoin and Ethereum have shown surprising resilience, adding that record-low open interest (OI) levels and improving interest indicate that the market is stabilizing. Lee added, 

“The deleveraging earlier this month — multiples of what happened during FTX — saw Bitcoin fall three or four percent. Today, technicals for both Bitcoin and Ethereum are flipping positive.”

Bitplanet Initiates Bitcoin Strategy 

South Korea’s Bitplanet has become the latest publicly-listed entity to pivot to Bitcoin. The firm announced the purchase of 93 BTC on October 26 as part of its long-term strategy to build a 10,000 BTC treasury. The move makes Bitplanet the first fully-regulated company to make a Bitcoin purchase. The firm, backed by Metaplanet’s Simon Gerovich, is positioning itself as the best treasury company in South Korea. 

According to co-CEO Paul Lee, Bitplanet has strengthened governance and compliance systems, adding that the firm has quietly accumulated BTC over the past two weeks using a regulated platform to ensure transparency and risk management. Bitplanet’s push into the Bitcoin treasury space comes as the market recovers from the October 19 crash. The crash saw over $19 billion liquidated, pushing BTC down to multi-month lows. ETF inflows have also bounced back, with Bitcoin and Ethereum ETFs recording over $600 million in net inflows last week. 

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) crossed the $115,000 level thanks to growing optimism about a US-China trade and rising odds of a rate cut by the Federal Reserve. Edul Patel, CEO of Mudrex, stated that Bitcoin’s latest breakout began after softer-than-expected inflation numbers. Successful trade talks between the US and China also boosted investor sentiment. 

“Attention now shifts to the Fed’s upcoming decision, where a 25-bps rate cut is largely expected. However, any signal toward ending Quantitative Tightening could further fuel the rally. Currently trading near $115,400, a sustained move above $116,000 could push BTC to new highs, with strong support forming around $109,600.”

Sathvik Vishwanath, co-founder and CEO of Unocoin, believes traders are eying the $120,000 level ahead of the Federal Reserve meeting, scheduled for October 29. 

“BTC found support at $106,453, rebounding above the 50-day EMA at $113,397 and now trades near $114,975. However, a CPI-driven market reaction could test BTC’s resilience; a rejection may pull it back to $113,397 support. Overall, bullish sentiment remains strong as investors await CPI clarity.”

BTC remained in positive territory over the weekend despite selling pressure as Friday’s rebound helped the bulls move to a higher level. Positive US inflation data boosted price action further, pushing BTC past key levels. According to trader Crypton Caesar, a clean break above the $112,000-$115,000 levels could push prices above $120,000, potentially towards a new all-time high. 

“BTC is testing a key resistance around $112K. A CLEAN break and close above it could confirm a bullish continuation toward $123K.”

Another trader and investor, Ted Pillows, outlined a similar view, stating, 

“BTC seems to be in a short-term uptrend. 4 consecutive green daily candles, which means someone is consistently TWAP-ing Bitcoin here. I'm still eyeing a $112,000-$114,000 zone, as a reclaim could push BTC above $118,000 really soon.”

BTC ended the previous weekend in positive territory, rising 1.37% on Sunday and settling at $108,676. Buyers retained control on Monday as the price rose nearly 2% to reclaim $110,000 and settle at $110,568. BTC surged to an intraday high of $114,082 on Tuesday. However, it lost momentum after reaching this level and dropped 1.99% to $108,362. Selling pressure persisted on Wednesday as BTC fell 0.72% to a low of $106,639 before settling at $107,585. Despite the selling pressure, the price recovered on Thursday, rising over 2% to cross $110,000 and settle at $110,116. BTC continued pushing higher on Friday, rising almost 1% to $111,042.

Source: TradingView

Price action remained positive over the weekend, with BTC rising 0.56% on Saturday and settling at $111,666. Bullish sentiment intensified on Sunday thanks to positive macroeconomic developments, including positive trade talks between the US and China, and rising odds of a rate cut. As a result, BTC rose 2.58% to cross $114,000 and settle at $114,548. The price is up almost 1% during the ongoing session, trading around $115,450.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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