Bitcoin has seen a steady uptick over the past week, climbing above $117,742 on Thursday, showing signs of renewed bullish momentum.
The crypto asset is now positioning for a potential run toward its $124,000 all-time high (ATH) after the U.S. Federal Reserve slashed interest rates by 25 basis points and signaled the possibility of more cuts later this year. This move has boosted investor confidence, setting the stage for further market rallies in the coming weeks.
Throughout September, Bitcoin’s price action has remained resilient, with 18 consecutive days of mostly green candles. This strength has been largely driven by institutional accumulation, even as retail traders take profits by offloading their holdings.
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Recent Santiment data revealed that addresses holding between 0.1 and 100 BTC have been actively selling to secure gains. However, these coins are being absorbed by larger institutional players, indicating a structural transfer of Bitcoin from weaker retail hands to long-term holders, a historically bullish signal for BTC.
Crypto analyst Ali Martinez highlighted $115,440 as the most critical support level in the current market structure. According to Martinez, Holding Above $115,440 could build momentum toward $137,300, reinforcing bullish sentiment.
He further noted that dropping below $115,440 risks triggering a sharper correction with $93,600emerging as the next significant support zone. Bitcoin is currently testing resistance between $116,000 and $117,000, a zone that has repeatedly capped upward price movement. A clean breakout above this level could open the door to $123,288, while failure to break through may lead to a pullback toward $114,700 or even $111,900.
Analyst Ted also identified $117,200 as a key pivot point. He noted that if BTC successfully reclaims this level, it could quickly rally toward $120,000. Failure to do so might see prices dip to around $113,000.
On-Chain Signals Point to Bullish Continuation
According to Swissblock, the recent short-term volatility in Bitcoin reflects normal market repricing rather than a breakdown. The firm believes this could be the final downside move before a significant rally, supported by two major bullish factors:
1. Rising Liquidity – More capital flowing into the market.
2. Strong Network Growth – Increasing Bitcoin adoption and usage.
Historical data shows that these conditions often precede sharp upward moves, suggesting BTC could be preparing for a breakout.
Fed Cuts Provide Fuel for Q4 Rally
The Federal Reserve’s recent rate cut has injected fresh optimism into risk markets like Bitcoin. With two additional cuts hinted at before year-end, liquidity conditions could become even more favorable for BTC.
Historically, September has been a challenging month for Bitcoin, but this year seems different. The crypto asset climbed 3% last week, and a Bitfinex Alpha report highlighted signs of a stable base forming, backed by strong on-chain buy pressure and Cost Basis Distribution (CBD) metrics.
Technical Outlook: Path Toward $130K
Bitcoin’s daily chart shows a solid bounce from the $107,000 demand zone and a move back above the 100-day moving average, currently around $113,000. The RSI has crossed above the 50% mark, signaling a clear bullish momentum shift.
If Bitcoin maintains this trajectory, Near-Term Targets: $124,000 (previous ATH) and $130,000. Some analysts are even eyeing $150,000 if macroeconomic conditions align.
Future Outlook
Bitcoin’s current price action suggests a growing battle between retail sellers taking profits and institutional buyers accumulating aggressively. With the Federal Reserve providing tailwinds through rate cuts, the stage is set for BTC to potentially reclaim its $124K all-time high and push toward $130K and beyond.
However, the $115,440 support level remains crucial. A breakdown below this threshold could flip the narrative bearish, exposing Bitcoin to deeper corrections as low as $93,600.