Key points:
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Bitcoin Hits $116,000 Again as Volatility Increases in US Trading Session
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Traders diverge on near-term BTC price action, with targets including $117,000 ahead of Wednesday’s Federal Reserve interest rate decision.
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Latest CME futures gap gains popularity as a downside target.
Bitcoin (BTC) surpassed $116,000 after Tuesday’s Wall Street open, as cryptocurrencies refused to stop their return to Uptober.
FOMC meeting injects volatility into BTC prices
Data from Cointelegraph Markets Pro and TradingView tracked a daily BTC price increase of 1.6%, taking the BTC/USD pair to $116,077 on Bitstamp.
In a move that traders found increasingly surprising, Bitcoin even broke the downward trend ahead of major US inflation events; in this case, the Federal Reserve’s interest rate decision.
The Federal Open Market Committee (FOMC) was widely expected to cut rates by 0.25% on Wednesday, and markets were also watching Fed Chair Jerome Powell’s language for clues about the future path of policy during the subsequent press conference.
“So far, so good with Bitcoin. It is holding up well here and doing a little retest after this cryptocurrency trader, analyst and entrepreneur, Michaël van de Poppe, responded on X.
“I assume we are bottoming out today and will start the uptrend for the rest of the week.”
In a separate post, Van de Poppe argued that an inverse correlation between Bitcoin and gold was helping fuel the rally. The former fell to $3.886 per ounce on the day, its lowest level since October 6.
“The decline and consolidation of gold is very bullish for risk assets, including Altcoins,” he wrote.
Meanwhile, trader Killa had $117,000 in mind as part of a local pre-FOMC high before the price turned lower to fill the latest weekend gap in the CME Group Bitcoin futures market near $111,000.
You are welcome. My LTF plan is working perfectly. Bullish narrative towards the FOMC. https://t.co/BIGR5q8kR9 pic.twitter.com/U2nsYJUrtv
-Killa (@KillaXBT) October 28, 2025
“The CME gap, as you can see, is not that far away and I think overcoming this blue barrier will be a challenge,” he wrote.
“That said, we have a good chance of revisiting 111.2K.”
$111,000 gap on CME is big
Many market perspectives still saw a BTC price drop at some point before the Fed event.
Related: Bitcoin is ‘too expensive’ for retail and threatens to end bull market cycle
Trader BitBull flagged two areas of interest ($106,000 and $110,000) before BTC/USD hit new all-time highs.
“I still hope that the BTC cap is not there, and that there is a big leg up,” he told his X followers.
As Cointelegraph reported, concerns over a lack of trading volume and bearish divergences from leading indicators continue to raise doubts about whether the bull market can continue or produce new all-time highs.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
