Bitcoin Rebounds Toward $112K on Fed Rate Cut Hopes
Bitcoin price today: rebounds toward $112K on Fed rate cut expectations, though caution remains.
FUNDAMENTAL OVERVIEW:
Bitcoin climbed on Tuesday, recovering part of its recent losses as expectations of imminent U.S. interest rate cuts grew. However, lingering concerns over corporate treasury strategies kept gains in check and traders on edge.
The broader cryptocurrency market also saw a modest recovery after sharp declines earlier in September, though it continued to trail rallies in equities and gold. Despite improving risk appetite, digital assets showed limited momentum as markets priced in a potential September rate cut from the Federal Reserve.
Uncertainty around the long-term profitability of corporate Bitcoin purchases weighed on sentiment in recent weeks, particularly after the token’s retreat from record highs reached in mid-August. While cryptocurrencies edged higher on Tuesday, most remained confined within established ranges following the late-August and early-September selloff.
BTC/USD TECHNICAL ANALYSIS CHART:
Technical Overview:
BTC/USD is trading within an up channel.
BTC/USD is moving above all the Moving Averages (SMA).
The Relative Strength Index (RSI) is in Bullish Zone, while the Stochastic oscillator suggests Neutral trend.
Immediate Resistance level: 112871
Immediate support level: 109376
HOW TO TRADE BTC/USD
BTC/USD, after moving higher, faced rejection and saw a sharp decline toward the support zone. From there, it rebounded and is now consolidating around a key resistance area. A breakout above this level could open the door for further upside potential.
TRADE SUGGESTION- STOP BUY– 113107, TAKE PROFIT AT- 115951, SL AT- 111732.
