Bitcoin spent most of the day climbing steadily, with bulls making a late push to reclaim the $112,000 support level.
The upward move came as traders grew more confident in the possibility of a Fed rate cut, which has started to ripple through broader markets as well.
At the time of writing, the total crypto market cap was up 1.6% to $3.987 trillion, supported by a clear improvement in sentiment.
The crypto fear and greed index ticked back into neutral territory at 51, after slipping into fear just a day prior at 44, a subtle sign of risk appetite returning.
Altcoins, meanwhile, were showing signs of life, though gains were selective.
Bitcoin’s attempt to re-establish footing above a key support zone seemed to breathe new life into the broader market, even if some segments remained hesitant.
Why is Bitcoin price going up?
Bitcoin was up around 1.5%, as the price seemed to be stabilizing above the $112,000 support level.
The main reason behind Bitcoin’s rally appears to be rising expectations of looser fiscal and monetary policy this month, and that optimism is beginning to show up across charts.
Markets are now almost fully pricing in a rate cut from the U.S. Federal Reserve, following a softer-than-expected non-farm payrolls report.
Only 22,000 jobs were added in August — well below the projected 75,000 — while the unemployment rate crept up to 4.3%, snapping out of a 15-month range.
That one-two punch was enough to spark fresh debate around whether the Fed might finally pivot.
Open interest in Bitcoin options has risen noticeably, especially for December 2025 call positions.
That tells us two things — one, that there’s growing confidence in a longer-term upside move, and two, that traders believe macro conditions could give Bitcoin the kind of tailwind needed to punch through new highs.
Adding to that setup is the timing of US inflation data.
The Producer Price Index (PPI) is due September 10, followed by the Consumer Price Index (CPI) on the 11th, both falling just ahead of the Federal Open Market Committee’s decision around September 16–17.
Analysts are already bracing for a slight uptick in both headline and core CPI, but if the numbers land below expectations, it could strengthen the case for easing.
The convergence of macro data and technical setups is creating an interesting price environment.
On the chart, a CME gap just above $117,000 has started to gain attention, and many traders believe the market may attempt to “fill” it if bullish momentum sustains and liquidity conditions improve.
It’s not unusual for CME gaps to act as magnets, particularly when fundamentals and sentiment are aligned.
Of course, volatility remains a given, especially with so many data points packed into a short window. But at least for now, the bulls seem to have a narrative they can lean into.
Will Bitcoin price rise again?
Right now, the Bulls need to reclaim the $112,000 before the rally may gain enough strength to fly higher.
On the 24-hour liquidation heatmap, the $112,000 zone has emerged as a clear battleground.
Bitcoin 24-hour liquidation heatmap. Source: CoinGlass.
The heavy concentration of liquidation leverage in this band shows that traders are actively defending the level, and Bitcoin’s price action throughout the day suggests bulls are trying to flip it from resistance into support.
So far, the structure looks constructive, with the market holding above this threshold and absorbing sell pressure without much slippage.
The next test appears to be brewing around the $114,000 to $114,500 range, where fresh pockets of liquidation interest are starting to build.
This band represents the next likely resistance, and if bulls can chew through it, price could begin gravitating toward the $116,000–$117,000 zone, which lines up almost perfectly with the unfilled CME gap that’s been lurking above.
On the downside, immediate support remains clustered just below at the $111,000 mark, where another layer of historical liquidations suggests dip-buyers may step in again if price falters.
A clean break below $112,000 without meaningful buying volume could trigger a sweep of this lower liquidity pocket, potentially opening the door to a deeper retrace toward $110,000.
As long as Bitcoin holds above $112,000 and avoids cascading liquidations, the path of least resistance, for now, appears to be up.
According to trader Killa, Bitcoin may attempt a sweep above $113,500 in the near term, but real momentum will only return if the market flips the $115,700 and $116,300 levels into support.
Those areas, which line up with a previous monthly open and an exhaustion gap, are seen as critical thresholds.
Failing to hold above them, he cautions, would weaken the bullish case and keep price action capped below resistance.
However, in a later post, Kill warned that rate cuts may already be priced in.
He suggested that larger players often shape sentiment in advance of key macro data, sometimes driving outcomes opposite to what retail traders expect.
Meanwhile, according to analyst Rekt Capital, Bitcoin’s shallow rejection from the $113,500 resistance and its quick attempt to retest the level suggests that sellers may be losing grip.
BTC/USD 1-day price chart. Source: Rekt Capital.
If this area gives way, it would strengthen the case for a short-term breakout, particularly as momentum has been building above $112,000.
When writing, Bitcoin was changing hands at $112,463, up 1.1% in the past 24 hours.
Altcoin market
The altcoin market cap increased by 1.1% over the past 24 hours to $1.74 trillion at the time of writing.
Ethereum (ETH), the altcoin with the largest market share, rose 1.7%, trading at $4,375, while other large-cap coins, including XRP (XRP), Solana (SOL), Dogecoin (DOGE), and Tron (TRX), recorded slightly better gains ranging between 2% and 7%.
While most of the top 100 cryptocurrencies posted similar single-digit gains, MYX Finance (MYX) deviated from the broader market trend, posting triple-digit gains with a 175.8% surge. Somnia (SOMI) and Worldcoin (WLD) followed with gains of 41.4% and 38%, respectively.
Source: CoinMarketCap
MYX Finance: MYX rallied to a new all-time high today, fueled by strong demand from traders in both the spot and derivatives markets just days after the project’s team announced that the World Liberty Financial (WLFI) token would be listed on the MYX exchange.
However, despite the bullish move, one analyst has raised concerns that the rally may be artificially driven.
They suggest it could be the result of manipulative tactics by whales and insiders, involving wash trading, forced short squeezes, and coordinated buying activity across multiple exchanges, possibly pointing to a pump-and-dump scheme in play.
Somnia: SOMI also hit a new all-time high today, supported by the successful launch of its Mainnet last week. Notably, today’s rally was driven by strong demand from buyers, reflected in a sharp spike in trading volume, which surged past $1 billion within the day.
The altcoin also gained after Somnia became the first blockchain to achieve 100,000 Transactions Per Second (TPS), a major milestone that showcases the network’s scalability.
Worldcoin: The token’s recent gains were largely fueled by renewed whale accumulation after a period of selling pressure.
These big investors appear to be positioning themselves ahead of future growth potential, especially following Worldcoin’s unveiling of its Anonymized Multi-Party Computation (APMC) initiative, a development aimed at enhancing its quantum-secure, privacy-preserving biometric verification system.
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