Key points:
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Bitcoin bulls are busy flipping key levels back to support; can they crack $118,000 next?
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New all-time highs are on the horizon if the Fed reaction uptrend continues.
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Exchange traders are already bringing in large lines of liquidity on either side of price.
Bitcoin (BTC) sought to flip $117,000 to support on Thursday as the Federal Reserve interest-rate cut boosted crypto markets.
BTC/USD one-hour chart. Source: Cointelegraph/TradingViewWatch these Bitcoin price levels next, say traders
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining up to 1.3% after the daily close.
Volatility hit as the US Federal Reserve announced its first rate cut of 2025, coming in at 0.25% to match market expectations.
After a brief dip below $115,000, Bitcoin rebounded, liquidating both long and short positions to the tune of over $100 million over 24 hours.
Among traders, hopes were high that bulls would cement support and continue on to challenge all-time highs.
āThe more important part; will $BTC break through this crucial resistance zone?ā crypto trader, analyst and entrepreneur MichaĆ«l van de Poppe queried in a post on X.
An accompanying chart showed the bullsā next battle at $118,000.Ā
āAll Iām sure about is that, once Bitcoin stabilizes, weāll start to see big breakouts on Altcoins occur,ā he added.
BTC/USDT one-day chart with RSI, volume data. Source: Michaƫl van de Poppe/XPopular trader Daan Crypto Trades agreed on the significance of the $118,000 mark. During dovish comments by Fed Chair Jerome Powell at the Jackson Hole symposium in August, that level formed a local top as BTC price action strengthened.
ā$BTC The $118K level is important as it is the high volume node within this range. Meaning most volume traded at this price level,ā he noted on X.
The post concluded that BTC/USD would āquickly visitā all-time highs should $118,000 flip to support.
BTC/USDT perpetual contract one-day with volume data. Source: Daan Crypto Trades/XLiquidity builds with BTC price wedged
A look at exchange order-book data showed thickening liquidity on either side of the spot price on Thursday.
Related: Bitcoin price gains 8% as September 2025 on track for best in 13 years
After the initial Fed shake-out, traders returned to put up āguardrails,ā keeping price pinned within the corridor between them.Ā
Data from CoinGlass thus put $116,500 and $119,000 as the key levels to watch for on the day.
BTC liquidation heatmap (screenshot). Source: CoinGlassThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Source: https://cointelegraph.com/news/bitcoin-test-all-time-high-quickly-if-bulls-reclaim-118k?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
