Key points:
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Bitcoin hits $116,000 again as volatility rises in US trading session.
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Traders are divided on BTC’s near-term price action, with targets including $117,000 ahead of the Federal Reserve’s interest rate decision on Wednesday.
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The latest CME futures gap is gaining popularity as a downside target.
Bitcoin (BTC) topped $116,000 after the Wall Street open on Tuesday as the cryptocurrency refused to stop its Uptober rally.
FOMC meeting brings BTC price volatility
Data from Cointelegraph Markets Pro and TradingView follows BTC’s 1.6% daily rise, lifting BTC/USD to $116,077 on Bitstamp.
In a move that traders found increasingly surprising, Bitcoin even bucked a downtrend ahead of major US inflationary events – in this case the Federal Reserve’s interest rate decisions.
The Federal Open Market Committee (FOMC) was widely expected to cut rates by 0.25% on Wednesday, and markets were also watching Fed Chairman Jerome Powell’s language for hints about the future path of policy during the next press conference.
“So far so good with Bitcoin. It’s holding up well here and doing a little retest after this crypto trader, analyst and entrepreneur Michaël van de Poppe reacted on X.
“I would guess that we are at the bottom here today and will start an uptrend for the rest of the week.”
ua separate postVan de Poppe argued that the inverse correlation between Bitcoin and gold is helping to fuel the rally. The former fell to $3,886 an ounce that day, the lowest price since October 6.
“The fall in gold and its consolidation are strongly bullish for risk assets, including Altcoins,” he wrote.
Trader Killa, meanwhile, had $117,000 in mind as part of a local pre-FOMC top before the price moved back lower to fill the last weekend’s gap in the CME Group Bitcoin futures market near $111,000.
Welcome. My LTF plan is working perfectly. The bullish narrative at 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 and I think breaking above this blue barrier will be a challenge,” he wrote.
“Regardless, we have a good chance of revisiting 111.2K.”
The CME gap of $111,000 looms large
Many market perspectives still saw BTC price falling at some point before the Fed event.
Related: Bitcoin ‘too expensive’ for retail, threatens to end bull market cycle
Trader BitBull marked with a flag two areas of interest — $106,000 and $110,000 — before BTC/USD headed for new all-time highs.
“I still expect BTC’s top is not there, and there is one big leg to the upper left,” X told followers.
As Cointelegraph reported, concerns over a lack of trading volume and bearish deviations 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 risk, and readers should do their own research when making a decision.
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