Key points:
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Bitcoin struggles to return to its range highs after its latest sell-off.
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BTC price targets for the new “volatile retest” focus on $111,000 and a $114,500 weekly close.
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Fed rate-cut anticipation sees new record highs for the S&P 500.
Bitcoin (BTC) stayed under pressure at Wednesday’s Wall Street open as US stocks hit record highs.
Bitcoin stages “volatile retest” into FOMC
Data from Cointelegraph Markets Pro and TradingView showed BTC price action clinging to $113,000.
BTC/USD nursed losses from a sell-off that began during Tuesday’s US session, giving up a recovery to $116,000.
That level remained key among near-term price targets, while others were $114,500 to the upside and $111,000 below.
“Bitcoin is now in the process of an expected volatile retest,” trader and analyst Rekt Capital wrote on X.
Rekt Capital highlighted Bitcoin’s 21-week exponential moving average (EMA) near the $111,000 mark.
“Bitcoin just needs to Weekly Close above $114.5k to confirm a successful retest,” he added alongside the weekly chart.
Trader Daan Crypto Trades contributed the 200-period EMA on four-hour time frames, which is currently at $113,100.
“BTC is still in the range. $116K rejected twice now and price has moved back down closer to its large volume node around $111K,” he told X followers.
Daan Crypto Trades also drew attention to the range boundaries at $116,000 and $107,000, respectively.
Rate cut seen as “non-event” for crypto markets
As crypto markets tracked sideways, the S&P 500 opened with a bang and a new all-time high of 6,914.
Related: BTC price eyes record monthly close: 5 things to know in Bitcoin this week
The move came as risk-asset traders prepared for the US Federal Reserve’s interest-rate decision.
As Cointelegraph reported, markets widely anticipated a 0.25% rate cut — a traditional tailwind for crypto, stocks and more.
Commenting, trading resource QCP Capital suggested that the announcement by Fed Chair Jerome Powell by itself would have little impact.
“Tonight’s FOMC is widely expected to be a non-event. The Fed is set to deliver a 25bp cut, consistent with its September dot plot, and Powell is unlikely to offer new forward guidance,” it wrote in its latest “Asia Color” market update on the day.
“The absence of official data since the U.S. government shutdown leaves the Fed effectively flying blind. Without inflation or labour prints, any policy recalibration would be premature.”
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