Bitcoin updated its weekly high, rising above $111,000 amid improving macroeconomic conditions and expectations of progress in trade negotiations between the US and China. Technical patterns indicate the possibility of a move to $190,000 in the coming weeks.
Macro conditions support demand for risk
Performance of the largest cryptocurrencies over the past 24 hours.
The macroeconomic agenda supports interest in risky assets. BTC rose by 4% in a day and reached $111,430, bouncing more than 7% from the local minimum of $103,530. The total crypto market capitalization added 4.6% and reached $3.78 trillion.
Following bitcoin, other major assets also strengthened: Ether rose to $4,006, XRP — to $2.46, Solana — to $190, and BNB approached $1,110. Even Dogecoin added more than 3%.
The market growth is associated with new political signals. US President Donald Trump confirmed a meeting with Chinese leader Xi Jinping scheduled for October 31. The prospect of easing trade tensions between the two largest economies has become a driver of recovery.
Probabilities of a key rate change at the Fed meeting on October 29.
Investors are also pricing in almost a 100% probability of a Fed rate cut by 0.25 points following the meeting on October 28–29. Chairman Jerome Powell previously allowed for the end of the quantitative tightening program as early as January 2026. This will open the way for liquidity inflows — similar to what triggered the crypto market rally in 2021.
Technical picture points to continued rally
On the four-hour chart, the RSI showed a bullish divergence — the indicator forms higher lows while the price holds above $103,500. This indicates a weakening of selling pressure and a possible continuation of growth.
Biweekly BTC/USD chart.
On higher timeframes, the picture looks even more confident. On the biweekly chart, three bullish flags are visible, each indicating a higher target range:
- a large flag from September 2023 to October 2024 suggests growth up to $192,000
- a medium-term flag from September to December 2024 — up to $186,000
- the current, smaller one, has been forming since March 2025 and will be confirmed if $115,000 is broken.
Such a breakout could become a catalyst for a new upward impulse with a target around $190,000, coinciding with previous measured levels.
Analysts’ forecasts
Weekly BTC/USD chart.
Trader Mags believes that bitcoin may continue to move in the upward channel and reach $250,000–$290,000 in the long term. Analyst Axel Kibar adheres to a more cautious scenario, pointing to an inverted ‘head and shoulders’ pattern with a target of $141,300.
As noted by Cointelegraph, a weekly close above $108,000 became a key technical signal confirming the recovery of the bullish trend.
What’s next?
The combination of the Fed’s soft monetary policy and the stabilization of US-China trade relations creates a favorable backdrop for digital assets. If macro conditions persist, bitcoin may consolidate above $115,000 and open the way to new all-time highs.
Read more: The Trump-Xi meeting may crash the market — indicators are alarming
