Key Points:
BTC has struggled to return to its range high after the recent round of sell-offs.
The price target for BTC in the new "volatility retest" focuses on weekly closes at $110,000 and $114,500.
Expectations of a Federal Reserve rate cut have driven the S&P 500 to a new high.
BTC continued to face pressure at the Wall Street open on Wednesday, while U.S. stocks climbed to historic highs.
Data from Cointelegraph Markets Pro and TradingView shows that BTC's price is struggling to maintain around $113,000.
BTC/USD is bearing the losses from the sell-off that began during Tuesday's U.S. trading session, giving up its upward momentum towards $116,000.
This level remains a key point in the short-term price targets, with other focal points being upward to $114,500 and downward to $110,000.
Trader and analyst Rekt Capital noted on the X platform: "BTC is currently undergoing the anticipated volatility retest process."
Rekt Capital highlighted that BTC's 21-week exponential moving average (EMA) is located near $110,000.
He added next to the weekly chart: "Bitcoin only needs to close above $114,500 on a weekly basis to confirm a successful retest."
Trader Daan Crypto Trades provided analysis of the 200-period EMA on the four-hour timeframe, which is currently at $113,100.
“BTC's price is still oscillating within the range. The $116,000 price has been resisted twice and has now retreated to a high-volume node near $110,000,” he informed his followers on the X platform.
Daan Crypto Trades also emphasized the boundary positions of the range at $116,000 and $107,000.
As the crypto market consolidates, the S&P 500 opened strongly at a new all-time high of 6,914 points.
This trend comes as risk asset traders await the Federal Reserve's interest rate decision.
As reported by Cointelegraph, the market widely expects a 0.25% rate cut—this move is traditionally seen as favorable for assets like cryptocurrencies and stocks.
Trading resource QCP Capital commented that the impact of Federal Reserve Chairman Powell's statements will be quite limited.
The agency wrote in its latest "Asia Market" update that day: "Tonight's FOMC is generally expected to be a non-event. The Fed will implement a 25 basis point cut, consistent with the dot plot from September, and Powell is unlikely to provide new forward guidance."
Related: Michael Saylor predicts Bitcoin (BTC) could soar to $150,000 by the end of 2025
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “S&P 500 Hits New All-Time High While Bitcoin (BTC) Price Slips to $113,000, Fed Rate Changes Draw Attention”
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