Bitcoin is positioned for a potential retest of the $120,000 level, according to analysts at Japanese cryptocurrency exchange Bitbank. Market observers suggest that this significant price milestone is now within reach, largely driven by macroeconomic shifts following the latest Federal Reserve interest rate reduction.
While the rate cut has generated bullish momentum across financial markets, traders may require approximately one week to fully digest its implications before committing to large positions. Historical data indicates that cryptocurrency markets often experience a brief consolidation phase after major economic announcements, allowing investors to reassess risk and recalibrate strategies.
The outlook remains decidedly optimistic among market participants, with an overwhelming 92% of traders anticipating another Federal Reserve rate cut in October. This expectation of continued monetary easing has created a favorable environment for speculative assets like Bitcoin, which traditionally benefit from lower interest rate environments and expanded liquidity.
Bitbank’s technical analysis team notes that breaking through previous resistance levels would require sustained buying pressure, but current market conditions suggest growing institutional and retail confidence in Bitcoin’s medium-term prospects.
