Bullish sentiment grows for Bitcoin, targeting a potential high of $116,000, following increasing bets on Federal Reserve rate cuts stoking breakout optimism.
In the ever-evolving world of cryptocurrencies, Bitcoin continues to dominate the headlines. As of September 9, 2025, the digital currency stands at a formidable $111,917, just shy of its all-time highs.
Recent developments suggest a bullish outlook for Bitcoin. A breakout above a long-term descending trendline indicates a shift in sentiment and potential bullish continuation for the digital asset. This bullish sentiment is further bolstered by a bullish crossover on the MACD, signalling improving buying pressure.
The optimism, however, is tinged with caution. Bitcoin's Relative Strength Index (RSI) is currently at 48, approaching the neutral 50 mark. This indicates that Bitcoin may be slightly oversold, but not yet in oversold territory, suggesting a potential for further growth.
The next major resistance for Bitcoin is approximately $116,000. Whales have deeply stacked support levels at $105,500-$110,000, providing a potential cushion if the price were to correct.
Institutional interest in Bitcoin is on the rise, as evidenced by the inflows of $246.42 million into Bitcoin spot ETFs last week. Notable players such as BlackRock, the world's largest asset manager, have also entered the fray. On September 9, BlackRock acquired a total of 20,136 Bitcoin, bringing their total holdings to a substantial $2.08 billion.
Other significant players include Japanese investment company Metaplanet, which purchased 136 BTC for $15.2 million, bringing their total holdings to 20,136 BTC worth $2.08 billion.
The Federal Reserve's monetary policy also plays a crucial role in Bitcoin's price movements. With September Fed rate cut odds surging to 100%, and markets expecting the Fed to cut rates three times by the end of 2025, lower borrowing costs could encourage a risk-on sentiment, driving demand for cryptocurrencies like Bitcoin.
However, the latest U.S. Nonfarm Payrolls report paints a less rosy picture, with 22,000 jobs added in August, signalling labor market weakness. This could potentially dampen the risk-on sentiment and impact Bitcoin's price.
Traders are closely monitoring Fed speak, ETF inflows, and levels of support and resistance as they navigate the Bitcoin market. As Bitcoin retests its all-time highs in Q4, the stage is set for an exciting end to the year in the world of cryptocurrencies.
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