According to Cointelegraph, Bitcoin (BTC) reached $112,500 after Wall Street opened on Wednesday, with traders gradually becoming bullish on BTC price trends. The BTC price rebounded to $112,000, forming key support.
Trader CrypNuevo pointed out that a key support battle is currently underway, and the Federal Reserve is expected to cut rates on September 17, which could serve as a bullish catalyst for risk assets. BitBull stated that BTC rebounded from bullish market support, indicating that the bulls are still in control.
QCP Capital believes that as policy uncertainty continues, the likelihood of a weaker dollar increases, making gold and BTC direct hedging tools in this context. CME Group data shows that market expectations for a rate cut in September exceed 95%. Gold reached a new high of $3,567 per ounce on Wednesday.
