Bitcoin (BTC) has officially crossed the $116,000 mark, trading at $116,043.93 at press time, marking a 4.7% gain over the past week.
The world’s largest cryptocurrency now holds a $2.31 trillion market cap, extending its dominance in the digital asset space.
The move higher comes as momentum builds around expectations of U.S. Federal Reserve rate cuts by year-end, with traders pricing in up to 70 basis points of easing. This macro backdrop has reignited risk appetite across global markets, with Bitcoin leading the charge in crypto.
Market Sentiment Still Neutral
Despite the rally, investor sentiment remains cautious. The widely watched Fear & Greed Index sits at 50, pointing to a neutral stance among traders. While this suggests there’s room for further upside before greed dominates, it also highlights lingering caution following recent volatility.
Technical Indicators Point to Strength
Technical analysis shows strong support for further upside. According to TradingView’s BTCUSD analysis:
- Summary rating: Buy (15 buy signals vs. 2 sell signals, 9 neutral)
- Moving Averages: Strong Buy (14 bullish, 1 neutral, 0 bearish)
- Oscillators: Neutral, indicating momentum remains steady
On the 1-hour chart, RSI sits at 69, hovering just below the overbought zone, suggesting potential consolidation in the short term before another push higher. Meanwhile, the MACD remains in positive territory, supporting the bullish outlook.
What Comes Next for Bitcoin?
If momentum continues, analysts are eyeing resistance near $118,000–$120,000, which could mark the next psychological hurdle. A decisive breakout above that level may open the path toward new all-time highs. On the downside, support sits around $112,000–$114,000, where buyers are likely to step in.
With technicals leaning bullish and macro catalysts favoring risk assets, Bitcoin’s latest surge past $116K could mark the beginning of another leg up in this cycle.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/market/bitcoin-breaks-116000-on-rate-cut-hopes-and-bullish-indicators/