Bitcoin Tops $106K on Shutdown Deal, Fed Easing
After US government shutdown exit talks and Fed hints, Bitcoin price rebounded above $106,000, ending October’s dip below $100,000. This recovery renewed risk appetite in the crypto market, pushing XRP up 10% and SOL 3%. JPMorgan forecasts easing Fed policy could push Bitcoin toward $170,000 in 6–12 months, though mixed derivatives data and resumed ETF outflows may cap gains.
The Bitcoin price recovery is backed by technical indicators: RSI has climbed from oversold levels, futures open interest has fallen, on-chain transfer volumes have risen and fees remain stable. Traders eye a break above $111,000 to target $116,000. Upcoming US economic data, delayed by the shutdown, will be crucial for confirming Fed rate cut expectations and driving further crypto market investment.
Bullish
News of US shutdown resolution progress and potential Fed easing has driven a clear rebound in Bitcoin price and revived risk appetite across crypto markets. In the short term, this has triggered a technical recovery with RSI and on-chain metrics supporting higher levels and altcoins outperforming. In the medium to long term, JPMorgan’s bullish $170,000 forecast under Fed balance sheet expansion suggests further upside, though mixed derivatives flows and ETF outflows could cause temporary pullbacks. Overall, the balance of factors points to a bullish outlook for Bitcoin price.