Bitcoin bulls 'still in control' as BTC price passes $112K — Analysis

Key points:

• Bitcoin returns to $112,000 as bulls stage a key resistance retest.

• BTC price action preserves the “bull market support channel” in a classic dip to support.

• Gold hits new all-time highs as perspectives on Bitcoin praise its status as a macro hedge.

Bitcoin tapped $112,500 after Wednesday’s Wall Street open as traders slowly flipped bullish on BTC price action.

BTC price punishes shorts with $112,000 rebound

Data from Cointelegraph Markets Pro and TradingView showed attempting to win back key support levels.

These included $112,000 itself, which formed the bottom of a large patch of ask liquidity on exchange order books.

Data from CoinGlass showed price taking out a chunk of that liquidity on the day, with the remainder extending to $114,000.

Commenting, popular trader CrypNuevo highlighted the key support battles currently in play.

“This looks like an attempt to reclaim Support 1, which would lead to a move back inside the range,” part of an X post explained.

CrypNuevo noted that there were just two weeks left until a potential bullish risk-asset catalyst entered — an interest-rate cut by the US Federal Reserve on Sept. 17.

The post described this week’s local lows at $107,270 as a “false move,” while fellow trader BitBull flagged a classic bounce at support.

“$BTC perfectly bounced back from its bull market support band,” he told X followers, referring to a channel formed by two moving averages.

As Cointelegraph reported, many market participants remain bearish across multiple timeframes, seeing a retest of $100,000 as soon as this week.

Bitcoin bull case boosted as gold beats record highs

Regarding macro volatility, trading firm QCP Capital saw the odds in Bitcoin’s favor going forward.

“Two cuts this year look reasonable, but keep an eye on breakevens, as new tariffs could push expectations higher,” it summarized in its latest “Asia Color” market update.

Data from CME Group’s FedWatch Tool confirms that market expectations of an interest-rate cut in September are now over 95%.

Gold made fresh all-time highs on Wednesday, hitting $3,567 per ounce.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.