Bitcoin Price Rally Technical Analysis Shows Early Rebound Signs

Gold's huge rejection this week has refocused the spotlight on BTC. After a couple of weeks of weak price action, the world's biggest cryptocurrency is again looking strong.

Most traders now believe that money might start transferring from gold into BTC, pushing prices up and fueling a new Bitcoin Price Rally .

Source: X (formerly Twitter)

The cryptocurrency has risen 1.25% over the past 24 hours to about $109,705, beating its 7-day and 30-day performances. This slow but consistent rise is giving market players a hope that the cryptocurrency might be on the verge of making a bigger move in the near term.

Institutional Activity Enhances Market Confidence

Institutional activity is playing a key role in this revival. Tesla announced that it made an $80 million profit in Q3 from Bitcoin holdings . World fund manager T. Rowe Price, managing about $1.7 trillion, meanwhile, filed for a new crypto ETF tracking 5–15 digital assets.

These bitcoin news are significant as they show that large institutions remain interested in this digital asset despite recent market adjustments. Tesla's profitability shows that digital currency can still be a profitable position, and T. Rowe Price's ETF filing shows that the world of finance is ready to plunge into crypto once more. Collectively, they are providing increased support for the current BTC Price Rally.

Inflation Data Could Drive the Next Move

Everyone is now waiting for the U.S. CPI report, which tracks inflation. The market is hoping inflation will fall to 3.1% YOY, from previous 3.7%. If so, it would raise the likelihood of a Federal Reserve rate cut later this month. Less inflation and flexible monetary policy tends to benefit this cryptocurrency and other risk assets to rise.

If the data arrives on cue or lower, the digital currency could test the $112,000–$114,000 resistance level. However, if inflation is higher, then prices might retreat once more, as they did in July when the price of the coin dropped 14% after a scorching CPI reading.

BTC Chart Shows Recovery Signs

The 1-Day BTC/USD chart indicates it is recovering gradually. BTC price is trading at about $109,500, an almost 1.7% increase today.

Source: CoinMarketCap

The RSI (43.7) is ascending from oversold levels, which indicates selling pressure is declining. The MACD is also becoming narrower, indicating the downtrend may be weakening.

Bitcoin price prediction : If it remains above the $108,000 level of support, the next significant target is $115,000. A break above that might validate that the Bitcoin Price Rally has actually begun.

Gold’s Rejection Could Shift Flows to Bitcoin

Gold reached an all-time $30 trillion market cap last week but immediately experienced a pullback. That dip, accompanied by increasing optimism about the coin, is persuading some investors to switch from gold to crypto. Many of the younger investors now view Bitcoin as "digital gold", a quicker, more agile store of value.

What's Next?

If inflation slows and institutions continue to buy, the digital asset may keep going up. The setup is healthy, strong support, gaining momentum, and upbeat sentiment.

If it remains above $108K and moves past $115K, the BTC Price Rally may carry on well into November, bringing renewed optimism to the crypto market.