Bitcoin returns to above $112,000

Bitcoin price crossed $112,000 today, showing signs of a short-term bullish trend following the release of favorable inflation data in the US. Traders are now eyeing the $112,000-$114,000 resistance zone, hoping to record new highs.
According to analysts, a break and consolidation above this range could pave the way for a rally to $123,000 and even $130,000-$144,000. Anchin’s data also shows that investors’ breakeven point is around $113,000, and a break above this level could intensify buying pressure.

Additionally, the Federal Reserve’s forecast of a 0.25% interest rate cut at its October 29 meeting, with a probability of over 98%, has boosted the appeal of Bitcoin and other riskier assets. Analysts believe the move is part of a wave of broad monetary easing by central banks, which has seen the fastest rate cuts in 2020 over the past six months.