{"id":1878,"date":"2025-09-12T23:04:26","date_gmt":"2025-09-12T23:04:26","guid":{"rendered":"https:\/\/www.finznest.com\/blog\/bitcoin-path-to-120k-hinges-on-sustaining-above-114600-support\/"},"modified":"2025-09-12T23:04:26","modified_gmt":"2025-09-12T23:04:26","slug":"bitcoin-path-to-120k-hinges-on-sustaining-above-114600-support","status":"publish","type":"post","link":"https:\/\/www.finznest.com\/blog\/bitcoin-path-to-120k-hinges-on-sustaining-above-114600-support\/","title":{"rendered":"Bitcoin: Path to $120K Hinges on Sustaining Above $114,600 Support"},"content":{"rendered":"<div>\n<ul>\n<li>Bitcoin\u2019s cautious rise reaches $115,000 resistance amid Fed rate cut expectations.<\/li>\n<li>Investors await Fed\u2019s rate decision; Powell\u2019s comments may trigger market volatility.<\/li>\n<li>Bitcoin\u2019s dominance drops as funds shift to altcoins, challenging price sustainability.<\/li>\n<li><strong>Looking for actionable trade ideas to navigate the current market volatility?<\/strong> <strong>Subscribe here to unlock access to InvestingPro\u2019s AI-selected stock winners.<\/strong><\/li>\n<\/ul>\n<p>In the second week of September,  experienced a cautious upward trend, reaching a critical resistance level by week\u2019s end. Expectations of a  are being factored into the market, influenced by recent data. While last week\u2019s focus was on the weak , attention has now shifted to  data. Despite the anticipated rate cut being seen as positive for market risk appetite, investors remained cautious ahead of the inflation figures.<\/p>\n<p>The gradual recovery in market risk appetite resulted in only a modest increase in Bitcoin\u2019s value. However, the upward momentum accelerated following surprisingly low  results and inflation data aligning with forecasts. An important driver of this momentum was the increased investment in Bitcoin ETFs.<\/p>\n<p>Next week, all eyes will be on the Federal Reserve\u2019s interest rate decision on September 17. The consensus in the market is for a 25 basis point cut, although some analysts consider a 50 basis point cut a possibility. While this expected rate cut is largely reflected in risk markets, Federal Reserve Chairman Jerome Powell\u2019s comments post-decision could trigger increased market volatility.<\/p>\n<p>In the cryptocurrency markets, moderate sentiment persists. One reason for Bitcoin\u2019s constrained growth this week is the shift of funds towards altcoins. Bitcoin rose 3.5% over the week, but the overall market capitalization excluding BTC and  increased by 6%. Bitcoin\u2019s dominance rate has decreased, reaching a support level not seen in a month, while its price meets a critical resistance level.<\/p>\n<p>For Bitcoin\u2019s upward trend to continue sustainably, it will be crucial for the dominance rate\u2014currently at 57%\u2014to remain steady. If funds continue to flow predominantly into altcoins, Bitcoin may stay in a bearish channel for a period.<\/p>\n<p><strong style=\"font-family: Arial, Helvetica, sans-serif; font-size: 18px;\">Bitcoin\u2019s Technical Outlook <\/strong><\/p>\n<p><\/p>\n<p>Bitcoin has shifted upward again, gaining support from the lower boundary of the downward channel as September began. With this support around the $108,000 region, Bitcoin is now challenging the upper band of the channel, which aligns with the $115,000 mark today.<\/p>\n<p>Although the momentum in this area has weakened, it coincides with the Fibonacci expansion level beginning at $114,600, part of the broader upward trend. For Bitcoin to sustain its rise, it\u2019s crucial to hold above the support line that technically extends to $114,600 in the coming days. Maintaining daily closes above this level would position Bitcoin to approach the $120,000 milestone and potentially reach $125,400.<\/p>\n<p>The short-term Exponential Moving Average (EMA) lines are currently pointing upwards, reinforcing the ongoing uptrend. However, the overbought Stochastic RSI on the daily chart serves as a cautionary signal. Despite this, the indicator remains above 80, suggesting continued buying interest. This buying momentum could persist if Bitcoin maintains a price above $114,600.<\/p>\n<p>In the event of a reversal, the mid-band level of the downward sloping channel we\u2019ve monitored since July, at $111,600, becomes crucial. Falling below this secondary support level may put the $108,000 region back into focus.<\/p>\n<p><strong style=\"font-family: Arial, Helvetica, sans-serif; font-size: 18px;\">Macro Developments That May Affect BTC Price<\/strong><\/p>\n<p>The cautious upward movement in Bitcoin\u2019s price has been driven by anticipation of upcoming events. Following the release of the US CPI and PPI data, the Federal Reserve is expected to clarify its interest rate policy on September 17. Additionally, the possibility of reduced risk appetite and increased price pressure due to the Trump administration\u2019s tariffs remains a concern.<\/p>\n<p>Bitcoin is likely to approach the crucial week of the interest rate policy decision at around $115,000, a significant resistance zone. All markets are focused on the Fed\u2019s interest rate policy, which could enhance liquidity in riskier markets. If the Fed, after announcing a rate cut, provides a clear outlook for future rate changes, it could support Bitcoin\u2019s upward momentum.<\/p>\n<p>Conversely, if Chairman Powell adopts a more cautious stance, escalating tensions between the Fed and the Trump administration could create negative sentiment, potentially increasing selling pressure.<\/p>\n<p>****<\/p>\n<p>InvestingPro provides a comprehensive suite of tools designed to help investors make informed decisions in any market environment. These include:<\/p>\n<ul style=\"list-style-type: none;\">\n<li>AI-managed stock market strategies re-evaluated monthly.<\/li>\n<li>10 years of historical financial data for thousands of global stocks.<\/li>\n<li>A database of investor, billionaire, and hedge fund positions.<\/li>\n<li>And many other tools that help tens of thousands of investors outperform the market every day!<\/li>\n<\/ul>\n<p><strong>Not a Pro member yet? Check out our plans here.<\/strong><\/p>\n<p><strong><em>Disclaimer: <\/em><\/strong><em>This article is written for informational purposes only. It is not intended to encourage the purchase of assets in any way, nor does it constitute a solicitation, offer, recommendation or suggestion to invest. I would like to remind you that all assets are evaluated from multiple perspectives and are highly risky, so any investment decision and the associated risk belongs to the investor. We also do not provide any investment advisory services.<\/em><\/p>\n<\/div>\n<p><script id=\"fb_pixel\" data-nscript=\"beforeInteractive\">!function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https:\/\/connect.facebook.net\/en_US\/fbevents.js');<\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin\u2019s cautious rise reaches $115,000 resistance amid Fed rate cut expectations. Investors await Fed\u2019s rate decision; Powell\u2019s comments may trigger market volatility. Bitcoin\u2019s dominance drops as funds shift to altcoins, challenging price sustainability. Looking for actionable trade ideas to navigate the current market volatility? Subscribe here to unlock access to InvestingPro\u2019s AI-selected stock winners. In [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1879,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[635,256,845,741,383,846],"class_list":["post-1878","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-120k","tag-bitcoin","tag-hinges","tag-path","tag-support","tag-sustaining"],"_links":{"self":[{"href":"https:\/\/www.finznest.com\/blog\/wp-json\/wp\/v2\/posts\/1878","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.finznest.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.finznest.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.finznest.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.finznest.com\/blog\/wp-json\/wp\/v2\/comments?post=1878"}],"version-history":[{"count":0,"href":"https:\/\/www.finznest.com\/blog\/wp-json\/wp\/v2\/posts\/1878\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.finznest.com\/blog\/wp-json\/wp\/v2\/media\/1879"}],"wp:attachment":[{"href":"https:\/\/www.finznest.com\/blog\/wp-json\/wp\/v2\/media?parent=1878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.finznest.com\/blog\/wp-json\/wp\/v2\/categories?post=1878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.finznest.com\/blog\/wp-json\/wp\/v2\/tags?post=1878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}