Bitcoin (BTC) surged above $111,000 on Monday, reaching $111,430, marking a 4% increase over the last 24 hours and a 7.6% rebound from Friday's low of $103,530. This rally was fueled by improving macroeconomic conditions, including a confirmed summit between US President Donald Trump and China's Xi Jinping on October 31, which has raised hopes for a trade deal de-escalating tensions and acting as a positive catalyst for cryptocurrencies.
Other top-cap cryptocurrencies followed Bitcoin's lead, with Ether (ETH) rising 4.6% to reclaim the key $4,000 level, while XRP, Solana (SOL), BNB, and Dogecoin (DOGE) saw gains of 3% to 5%. The global crypto market capitalization increased by 4.6% to $3.78 trillion, reflecting broad market optimism. Additionally, market participants are pricing in a 99% chance of a 25-basis-point rate cut at the October 28-29 FOMC meeting, which would lower rates to 3.75%-4%. Fed Chair Jerome Powell recently hinted at a possible end to quantitative tightening by January 2026, potentially unleashing more liquidity and echoing the 2021 crypto price surge.
From a technical perspective, Bitcoin's rebound is supported by bullish signals, including a clear bullish divergence on the RSI four-hour chart as it hit its lowest since April. On the two-week chart, multiple bull flags are converging: one formed between September 2023 and October 2024 targets $192,000, another from September to December 2024 targets $186,000, and a smaller flag since March 2025 would be confirmed with a break above $115,000, opening the door to $192,000. Analysts have varying projections; Mags sees Bitcoin peaking in the $250,000-$290,000 range within an ascending channel, while Aksel Kibar maintains a more conservative target of $141,300 based on an inverse head-and-shoulders pattern. Critical levels to watch include support at $107,000 and resistance between $111,700 and $115,500, with a breakout above $111,000 potentially accelerating bullish momentum.
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