Key Points:
BTC has broken through the volume-weighted average price (VWAP), echoing the rebound from below the $75,000 level in April.
As the market digests the Federal Reserve's interest rate cut news, the stock market has reached new all-time highs.
Liquidity indicators show that as BTC prices aim for the $118,000 target, market volatility is set to intensify.
BTC has set its sights on $118,000 as Wall Street opens on Thursday, while the stock market breaks through to new historical highs.
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD is solidifying its intraday gains above key resistance levels.
On the first U.S. trading day after the Federal Reserve implemented its first interest rate cut in 2025, both the S&P 500 index and the Nasdaq Composite index have set new historical records.
In response to this phenomenon, the trading resource platform The Kobeissi Letter noted that the upward trend in risk assets is expected to continue into next year.
"2025 marks the third year since 1996 in which the Federal Reserve has implemented interest rate cuts while the S&P 500 index is at an all-time high. The previous two years were 2019 and 2024," the agency stated in its latest analysis on the X platform.
After setting its own historical high on the previous trading day, the gold market continues to show volatility, with investors focusing on the $3,700 price level.
Meanwhile, BTC bulls are striving to solidify $117,000 as a support level while facing the last resistance range before price discovery.
$BTC - #Bitcoin is looking really interesting right now. It’s trying to reclaim the ~$117K level. Once we gain this level the way to $120K is open in my opinion. However: Last time we rejected this level and came all the way back to the light blue zone. pic.twitter.com/zHxQzst0V4
Caleb Franzen, founder of the financial research platform Cubic Analytics, pointed out that BTC/USD is recreating the bullish pattern seen in May.
Just like then, the price has broken through the volume-weighted average price (VWAP) anchored to the latest historical high.
Franzen summarized on the X platform: "Since BTC broke through the volume-weighted average price anchored from the historical high, the market has almost perfectly replicated the positive signals." He included a detailed technical analysis chart.
A cautious reminder comes from the analysis of the exchange order book.
The trading resource platform Material Indicators warned that liquidity is accumulating around the price, which could open the door to significant volatility.
"While I feel the macro environment is clearly bullish and a top has not yet formed, this currently feels more like a short-term exit pump rather than accumulation. Time will tell us the answer," part of the related commentary stated.
Earlier, Cointelegraph reported on the thickening liquidity in the order book, with key price levels to watch being $116,500 and $119,000.
Related: Traders: If Bitcoin (BTC) bulls reclaim $118,000, they will quickly test historical highs.
This article is for general reference only and should not be considered legal or investment advice.
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