Bitcoin (BTC) surged past the $112,000 resistance level over the weekend, reaching $113,724 at the time of reporting, based on data from CryptoSlate. This marks the second time this week that Bitcoin has exceeded the $113,000 mark, with a price of $113,678 on Oct. 21.
This recent price movement has helped Bitcoin recover nearly half of the losses incurred during the earlier price crash this month. Following a major crash on Oct. 10 that wiped out billions from the crypto market, Bitcoin’s price plummeted to $103,000 by Oct. 17.
Federal Reserve Rate Cut Expected
The strong weekly closure for Bitcoin comes amidst expectations that the Federal Reserve will cut interest rates by 0.25% at the upcoming meeting on Oct. 29.
The U.S. Bureau of Labor Statistics released September’s inflation data on Saturday, which showed weaker than expected results. Both the September Consumer Price Index (CPI) and Core CPI stood at 3%, falling below the anticipated 3.1%.
According to The Kobeissi Letter, the CPI data suggests a Fed rate cut next week. The CME Group’s FedWatch tool also indicates a 98.3% probability of the Federal Reserve reducing interest rates.
Typically, a rate cut leads to an increase in cryptocurrency prices as borrowing becomes cheaper and high-risk assets become more appealing.
Ethereum Outperforms Bitcoin
Over the past 24 hours, Ethereum (ETH) has seen a price increase of 3.58%, nearly double the gains of Bitcoin at 1.94%, as per CryptoSlate data.
Solana (SOL) and Cardano (ADA) also experienced significant growth in the past day, with gains of 3.46% and 3.45% respectively.
However, in terms of weekly gains, Bitcoin led the pack with 4.97% growth over the past 7 days, more than double the 2.37% gains of Ethereum.
Among the top 10 tokens, XRP saw the highest price increase over the past week, rising by 9.27%.
Market Sentiment Optimistic
The crypto market is optimistic about the potential for Bitcoin’s price to rise, with the recent gains setting the stage for new all-time highs. A speculative Web3 investor known as Borovik on X indicated that Bitcoin’s rally past $113,000 suggests that new all-time highs are on the horizon. Another user, Marzell, mentioned:
“As long as the price remains above this level, the short-term bullish trend remains intact.”
Marzell further stated that if Bitcoin’s price momentum continues, the next major target would be above $117,000.
Another Bitcoin trader, Merlijn The Trader on X, pointed out that Bitcoin reserves on exchanges have dropped to 2.4 million. He emphasized that when the supply diminishes, prices tend to rise quickly.
The Bitcoin Fear and Greed Index has also seen a notable increase from fear towards neutral territory, signaling a shift in market sentiment. It currently stands at 40, up from 29 the previous week and 37 on Saturday.
As of 12:05 am UTC on Oct. 27, 2025, Bitcoin holds the top position by market cap, with the price up by 2.56% in the past 24 hours. Bitcoin’s market capitalization is $2.28 trillion, with a 24-hour trading volume of $40.88 billion.
At the same time, the total crypto market is valued at $3.87 trillion, with a 24-hour volume of $123.72 billion. Bitcoin dominance currently sits at 58.95%.
