Highlights:
Bitcoin hits $116,000 once more as volatility surges during the US trading session.
Traders exhibit differing views on short-term BTC price movements, eyeing targets like $117,000 ahead of Wednesday’s Federal Reserve rate decision.
The latest CME futures gap is gaining traction as a potential downside target.
Bitcoin (BTC) surpassed $116,000 following Tuesday’s Wall Street open, marking a continued Uptober rebound for crypto.
FOMC meeting fuels BTC price fluctuations
According to data from Cointelegraph Markets Pro and TradingView, BTC experienced a 1.6% daily increase, bringing BTC/USD to $116,077 on Bitstamp.
In a surprising twist, Bitcoin defied the trend of retreating before major US inflation events, specifically the Federal Reserve’s interest rate decision.
The Federal Open Market Committee (FOMC) is widely anticipated to lower rates by 0.25% on Wednesday, with the market keenly observing Fed Chair Jerome Powell’s comments for insights on future policy direction during the subsequent press conference.
“So far, so good on Bitcoin. It’s managing to hold its ground and slightly retest,” remarked crypto trader and analyst Michaël van de Poppe on X.
“I would assume that we’re bottoming here today and should initiate an uptrend for the rest of the week.”
In a separate post, Van de Poppe suggested that an inverse relationship between Bitcoin and gold was contributing to the rise, as gold fell to $3,886 per ounce, its lowest since October 6.
“Gold’s decline and consolidation is strongly bullish for risk-on assets, including Altcoins,” he stated.
Trader Killa noted a target of $117,000 as a potential pre-FOMC local peak before prices dip to fill the recent CME Group’s Bitcoin futures gap near $111,000.
Your welcome. My LTF plan moving perfectly. Bullish sentiment heading into FOMC. https://t.co/BIGR5q8kR9 pic.twitter.com/U2nsYJUrtv
— Killa (@KillaXBT) October 28, 2025
“As you can see, the CME gap isn’t too far off, and I believe that breaking through this blue barrier will be challenging,” he commented.
“That said, the probability of revisiting 111.2K is high.”
$111,000 CME gap remains significant
Many market analysts still expect a BTC price drop before the Fed meeting.
Related: Bitcoin ‘too pricey’ for retail, risks bearish market cycle
Trader BitBull identified two key levels of interest — $106,000 and $110,000 — before BTC/USD reaches new all-time highs.
“I still believe the BTC peak isn’t reached, and there’s one big move left,” he informed his X followers.
As Cointelegraph has noted, concerns about low trading volumes and bearish leading indicator divergences continue to cast doubts on the sustainability of the bull market or the potential for new all-time highs.
This article does not offer investment advice or recommendations. Every investment and trading action carries risk, and readers are encouraged to conduct their own research when making decisions.
