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Bitcoin (BTC) briefly surged past $114,000 before stabilizing near $113,700 USDT on Sunday, as traders positioned for a potentially bullish weekly close ahead of the Federal Reserve’s Oct. 29 policy meeting, where rate-cut odds have now exceeded 98%.Key TakeawaysBitcoin briefly topped $114,000 and trades near $113,700, signaling renewed upside momentum.Fed rate-cut odds surged to 98%, supporting risk sentiment across crypto and equities.Traders eye a bullish continuation toward $118K–$123K if BTC reclaims key support above $113K.The upcoming FOMC meeting could define the next major market trend.Bitcoin Gains Momentum Into Weekly CloseData from Cointelegraph Markets Pro and TradingView showed Bitcoin breaking through $112,000 resistance and extending to a $114,000 peak before consolidating.The move followed Friday’s rebound on cooler U.S. inflation data, which helped risk assets regain footing and strengthened expectations for further monetary easing.“Holding my long over $108,200. Targeting $113,000 highs next,” trader Crypto Tony said earlier in the weekend, a target quickly achieved as BTC volatility returned into the weekly close.Trader Crypto Caesar noted that the $112,000 level — now successfully retested — remains key:“A clean break and close above could confirm a bullish continuation toward $123K.”Accumulation Builds as BTC Reclaims Short-Term LevelsCrypto investor Ted Pillows pointed out that Bitcoin has logged four consecutive green daily candles, suggesting systematic accumulation — likely by institutional or algorithmic players.“Someone is consistently TWAPing Bitcoin here,” he said, referencing automated buying activity. “A reclaim of the $112,000–$114,000 zone could push BTC above $118,000 really soon.”Analytics account Frank A. Fetter added that $113,000 marks the short-term holder cost basis — the average acquisition price for addresses holding BTC under six months.“If BTC reclaims this level, a move into the $130,000–$144,000 range feels right,” the account noted.Fed Rate-Cut Odds Drive Market SentimentThe Federal Reserve’s Oct. 29 FOMC meeting remains the key macro event.According to CME Group’s FedWatch Tool, traders now price in a 98% probability of a 0.25% rate cut, following the softer-than-expected September CPI report.“Global monetary easing is in full swing,” wrote The Kobeissi Letter, noting that 82% of central banks worldwide have cut rates in the past six months, the highest rate since 2020.Analysts expect easier financial conditions to support both equities and digital assets, with the S&P 500 hitting fresh all-time highs last week on rate-cut optimism.BTC Weekly Close Could Confirm BreakoutAs the weekly close approaches, traders are watching whether Bitcoin can hold above $113,000 to confirm a breakout structure.Sustained strength could pave the way toward $118,000–$123,000, while a failure to defend current levels might trigger a brief pullback to $111,000–$110,000.With global liquidity improving and rate-cut odds nearing certainty, Bitcoin’s macro narrative remains bullish, setting the stage for renewed upside momentum through November — provided bulls maintain control above $113,000.