Bitcoin price $111K support retest 'in progress' as RSI points higher

💡 DMK Insight

Bitcoin’s recent lower high at a crucial resistance level suggests a potential reversal, especially with the Fed’s interest-rate cut on the horizon. Traders should keep an eye on the RSI, which is showing bullish divergence, indicating that despite the lower high, momentum could shift. If Bitcoin can reclaim levels above its recent peak, it might trigger a wave of buying, especially from institutional players looking to capitalize on the Fed’s easing stance. This could also have ripple effects on altcoins like SOL, currently priced at $199.73, as liquidity flows back into the market. However, if Bitcoin fails to break above its resistance, we could see a deeper correction, making it essential to monitor the $190 support level closely. Here’s the thing: while the Fed’s actions might provide a short-term boost, the underlying market sentiment remains cautious, and traders should be prepared for volatility as positions adjust in response to macroeconomic shifts.