- Bitcoin nears $115,000 approaching the weekly close, amid a key week for macroeconomic events.
- Analysts say Bitcoin must finish above $114,000 this week to remain in a bullish position.
- The market expects the U.S. Federal Reserve to cut interest rates at its next meeting.
- Recent trading shows support and liquidity just below $115,000, with no large price swings over the weekend.
- Improved economic indicators and loose financial conditions could support strong performance for risk assets in the coming months.
Bitcoin hovered close to $115,000 on Sunday as it moved toward the weekly close. This price action comes just ahead of a week featuring significant economic decisions that could impact both digital assets and traditional markets.
Trading activity showed BTC/USD moving downward toward $115,000 after hitting a weekly high of $116,800 on the last Wall Street session. The price avoided notable volatility as the weekend progressed, according to Cointelegraph Markets Pro and TradingView data.
Market participants identified major buy interest slightly below $115,000. Popular trader Skew wrote, “Pretty clear price is being walked down here yet again going into a new week,” and noted, “some pretty decent bid depth & liquidity just below $115K.” Another analyst, Rekt Capital, stated that the key target is not breaking $117,000 immediately, but for Bitcoin to hold above $114,000. According to Rekt Capital, “The goal is for Bitcoin to reclaim $114k into support first. Because that’s what would enable the premium-buying necessary to get price above $117k later on.” Rekt Capital also commented that a weekly close above $114,000 would be considered bullish.
The main focus for the week is the anticipated decision from the U.S. Federal Reserve regarding interest rates. As reported by Cointelegraph, the market expects the Fed to cut rates by at least 0.25%. This follows recent positive U.S. economic data.
Trading firm Mosaic Asset Company stated in a recent update that current economic trends support continued expansion of risk assets such as stocks and cryptocurrencies. The author wrote, “The combination of improving leading indicators, ongoing loose financial conditions, and strong market breadth that includes participation by cyclical industries favors an ongoing economic expansion in my opinion.” The firm explained that this environment, along with rate cuts, could create favorable trading conditions into next year.
A risk warning emphasizes that all trading and investment decisions involve risk and recommends that individuals conduct their own research before acting.
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