Highlights:
Bitcoin climbs back to $116,000 as market volatility increases ahead of the US trading session.
Traders have differing views on short-term BTC movement, with targets including $117,000 ahead of Wednesday’s Federal Reserve interest rates announcement.
The latest CME futures gap is gaining attention as a potential downside target.
Bitcoin (BTC) surpassed $116,000 following Tuesday’s Wall Street opening, continuing its Uptober rebound.
FOMC meeting injects BTC pricing volatility
Data from Cointelegraph Markets Pro and TradingView indicated a 1.6% daily increase in BTC price, reaching $116,077 on Bitstamp.
In an unexpected turn for traders, Bitcoin trended upward instead of the usual pre-inflation drop ahead of the Federal Reserve’s interest rates decision.
The Federal Open Market Committee (FOMC) was largely anticipated to reduce rates by 0.25% Wednesday, with markets also keenly observing Fed Chair Jerome Powell’s comments for signals regarding future policy direction during the press briefing.
“So far, things look positive for Bitcoin. It’s holding steady and slightly retesting,” said crypto trader, analyst, and entrepreneur Michaël van de Poppe on X.
“I would predict that we are bottoming out today and will begin an upward trend for the rest of the week.”
In a different post, Van de Poppe noted that the inverse relationship between Bitcoin and gold was contributing to the rise. The latter fell to $3,886 per ounce, marking its lowest since October 6.
“Gold’s decline and consolidation are incredibly bullish for risk-on assets, such as altcoins,” he stated.
Trader Killa predicted $117,000 as a target before a potential price drop to fill the CME Group’s Bitcoin futures market gap near $111,000.
Your welcome. My LTF plan is executing perfectly. Bullish sentiment leading into FOMC. https://t.co/BIGR5q8kR9 pic.twitter.com/U2nsYJUrtv
— Killa (@KillaXBT) October 28, 2025
“The CME gap isn’t too far off, and surpassing this blue barrier will be difficult,” he commented.
“That said, we have a high chance of revisiting 111.2K.”
$111,000 CME gap remains significant
Many market analysts anticipate a BTC price dip before the Federal Reserve announcement.
Related: Bitcoin ‘too costly’ for retail, poses risk of halting the bull market cycle
Trader BitBull identified two key price levels — $106,000 and $110,000 — which are crucial before BTC/USD potentially reaches new all-time highs.
“I still believe the Bitcoin peak isn’t in yet, and we have one significant leg up to go,” he mentioned to followers on X.
As reported by Cointelegraph, there are ongoing concerns regarding insufficient trading volume and bearish indicators, casting doubt on the trajectory of the bull market and its ability to achieve new all-time highs.
This article does not provide investment advice or recommendations. All investment and trading activities involve risk, and readers should perform their own research prior to making decisions.
