The move comes amid a decisive support break and fresh buying pressure from whales, signaling that Bitcoin may be entering a new bullish phase heading into the weekend.
The Bitcoin price today stands at $117,288, up 0.34% in the last 24 hours, according to Binance data. Chart analysis shared by IncomeSharks on X highlights a “small support break,” a pattern that historically signals continuation when supported by strong momentum.
BTC is on track to potentially hit $120K by the weekend, aligning closely with current stock market trends. Source: IncomeSharks via X
Technical analysis shows Bitcoin broke above $117,000 after retesting $116,000 twice, a bullish signal in line with a 2023 study in the Journal of Risk and Financial Management that found such retests often precede further upside. The breakout has sparked renewed optimism, with traders now eyeing $120,000 as the next short-term milestone.
Bitcoin’s rally coincides with the Federal Reserve’s September 17 decision to cut rates by 25 basis points, bringing the federal funds rate to 4.25%-4.50%. Historically, lower interest rates have increased liquidity, benefiting risk assets like Bitcoin.
The Federal Reserve has lowered interest rates by 0.25%, signaling a supportive shift for markets under President Trump’s administration. Source: AJ Huber via X
Rate cuts have historically provided tailwinds for digital assets, with Bitcoin’s price often responding positively as investors seek alternative stores of value. This macro backdrop could further support Bitcoin price predictions of a breakout toward six figures.
Analysts from Wyckoff Insider point to a developing “W range” formation between $90,000 and $100,000, suggesting institutional accumulation. According to Wyckoff Analytics, such patterns frequently precede a significant upward move once volume confirms the breakout.
Wyckoff Insider’s chart shows a “W range” pattern in Bitcoin, suggesting institutional accumulation and a potential bullish breakout from the $90K–$100K support zone. Source: Wyckoff Insider via X
TrendSpider’s research supports this view, showing that W-bottom formations paired with strong volume have a high probability of resolving to the upside. Traders are watching closely for volume spikes that could confirm Bitcoin’s next leg higher.
Adding to the narrative, the UK’s Financial Conduct Authority (FCA) introduced new crypto rules on September 17 that could enhance market stability and encourage institutional participation. With the global crypto market cap now above $4.1 trillion and whale accumulation on the rise, sentiment remains bullish.
Bitcoin (BTC) was trading at around $117,288, up 0.34% in the last 24 hours at press time. Source: Bitcoin Price via Brave New Coin
Still, analysts warn that volatility risks persist. The International Monetary Fund’s 2024 report on crypto market dynamics cautions that macroeconomic shocks or regulatory surprises could trigger sharp price swings, reminding traders to stay alert.
If Bitcoin holds above $116,000 and maintains upward momentum, a push toward $120,000 could be imminent. Sustained closes above this level would be a key confirmation for bulls and might open the door to further upside into Q4 2025.
BTC broke above $117,000 after twice retesting $116,000, signaling strong bullish momentum and potential for further upside. Source: Kamran Asghar via X
While the current setup favors buyers, traders are urged to remain cautious as false breakouts still account for roughly 30% of such moves, based on TradingwithRayner data. Risk management remains essential, especially with Bitcoin trading near critical resistance levels.
Also read: Bombshell for Crypto: SEC Approves Generic Listing Standards
