Bitcoin Steadies at $112K as Trump Pressures Powell and Volatility Looms

Bitcoin pared its decline and closed the weekly candle above $112,000, but traders are already bracing for a new correction. Bulls and bears continue to battle for control of the price, and the market outlook remains unclear.

Bulls are trying to hold on to $112,000

Until recently, it seemed that Bitcoin would inevitably fall to new September lows below $109,000. But at the last moment, BTC/USD made a sharp rebound and regained support at $112,000.

Investor Ted Pillows noted on X, the social media platform, that Bitcoin surged for the same reason as Ethereum — short covering. “For a strong Bitcoin rally, a daily close above $113,500 is needed. Otherwise, BTC will most likely revisit its lows again,” he said.

BTC/USD 1-Day Chart. Analysis by Ted Pillows

Trader Roman agrees with this forecast. He expects the price to fluctuate between the upper and lower boundaries of a narrow range. 

“Currently just retesting and resistance so unless we blow through on high volume, I expect some ping pong between here and 108k,” he said, adding that the bulls need to reclaim $118,000.

BTC/USD 1-Day Chart. Source: Roman/X

Month-end and quarter-end closing

With less than 48 hours left in the month and quarter, volatility is inevitable. CoinGlass data indicate that at $112,136, Bitcoin will have gained 3.67% in September and around 4.81% in the third quarter. data

Bitcoin Monthly Return. Source: CoinGlass

Trader Daan Crypto Trades recalled that the third quarter has historically been the weakest for Bitcoin, with an average growth of only 6%.Daan Crypto Trades expects a strong fourth quarter based on past performance.

The quarter is coming to an end and this is where we stand.$BTC Has seen very little volatility and is closing the quarter relatively flat. This is not out of the ordinary for Q3 as you can see. It’s the worst quarter on average with “only” a ~6% increase on average throughout… pic.twitter.com/1ilzanFnhr

— Daan Crypto Trades (@DaanCrypto) September 29, 2025

US employment data and the Fed

This week, traders are once again treated to a familiar picture: US employment data and speeches from Federal Reserve officials.

Various high‑ranking officials will comment on the US economic outlook amid growing disagreement over interest rate cuts. These cuts are exactly what traders want, as they signal policy easing and increased liquidity in risk assets.

Fed Chairman Jerome Powell, already under significant pressure from the US President, tried to maintain a balance between tough and soft rhetoric last week. 

“It has become clear in recent months that the balance of risks has shifted, which prompted us to move our policy closer to neutral at last week’s meeting,” he said after the Federal Open Market Committee (FOMC) agreed to a rate reduction of 0.25% at the September meeting.

Trump, meanwhile, continues to demand more decisive action from the Fed. 

On Truth Social, Trump published a cartoon in which he fires Powell, demanding his resignation throughout 2025 (the post was later removed). “If it weren’t for Jerome “Too Late” Powell, we would be at 2% right now, and in the process of balancing our budget,” he said in another post.

Private and public sector employment data, as well as initial jobless claims, are expected later this week and will be the main potential catalyst for volatility.