Bitcoin (BTC) is showing signs of recovery on Monday, October 27, as the Crypto Fear & Greed Index climbed to 51 and turned neutral for the first time since President Trump initiated new tariff wars with China a couple of weeks ago.
As of the time of writing, the cryptocurrency is trading at $115,420, having advanced 2.60% in the past 24 hours, almost mirroring the 2.50% gain in the broader crypto market.
A result of promising technical signals, macroeconomic relief, and renewed institutional inflows, the rally has allowed BTC to reclaim its 50-day exponential moving average (EMA) at $114,176.
The $114,000 range also served as support, according to market analyst Ted Pillows, who now sees $118,000 as the next important target to keep an eye on.
Should “digital gold” surge past that mark, Pillows predicts, we might see a new Bitcoin all-time high (ATH) as soon as next week.
“Now, Bitcoin needs to reclaim the $118,000 zone, and a new ATH could happen in 1-2 weeks,” wrote Pillows on X.
Bitcoin volume will be crucial
Elaborating further in the comments, Pillows stressed that volume confirmation will be the key to success, and that the $118,000 support zone must hold.
At press time, the daily trading volume sat at $59.45 billion, surging more than 140% and lending a lot of support to the bullish outlook.
The analyst added that the price action “looks clean” and that the momentum is “still there,” but nonetheless admitted that an unfavorable macroeconomic twist could negatively impact the upward trajectory.
Last Friday’s Consumer Price Index (CPI) print of +0.3% for the past month (vs. +0.4% expected) greatly boosted expectations of a Fed rate cut on October 29. Traders now give it a 98% chance of happening, according to the cryptocurrency-based prediction platform Polymarket.
During the weekend, a new U.S.-China trade deal was also struck, temporarily halting new tariffs and easing some restrictions on rare earth exports.
Traders are therefore watching whether BTC can hold above $114,000 in the days leading to the next Fed meeting this Wednesday and the November 1 Washington-Beijing summit, which could set the tone for Pillows’s $118,000 range and thus a potential new all-time high.
Featured image via Shutterstock
