Prices of the world’s largest cryptocurrency, Bitcoin (BTC), were trading near the $93,200 mark on Thursday, down 0.18% in the past 24 hours, even as it posted a 2.11% weekly gain amid a slow market rebound following the heavy sell-off of ‘Red October.’

The current incline is being attributed to positive expectations about an imminent Fed rate cut, which has fuelled a fresh wave of risk-on sentiment. Analysts see Bitcoin consolidating just below the $94,000–$95,000 resistance zone, while Ethereum has surged past $3,200 following the successful Fusaka upgrade, which boosts network efficiency and scalability. 

BTC and Ethereum are currently trading at two-week highs, with investors betting on monetary easing. Not just BTC, but altcoins and stablecoins have also charted a recovery over the past week, with analysts keeping a close eye on a potential upside breakout.

The CoinSwitch markets desk, in its commentary today, said softer U.S. macro data, the Fed’s official end to quantitative tightening, and a return of positive BTC ETF inflows helped lift BTC to a two-week high.

Avinash Shekhar, Co-Founder & CEO, Pi42, says a consolidation above $94,000 has formed dual bullish patterns that point toward a potential move to $107,000 if buyers stay active. “Weak jobs data has boosted expectations of a rate cut and lifted risk appetite across the board, with Ethereum also spiking as traders position for renewed activity ahead of key network and liquidity catalysts highlighted in recent market analysis.

Altcoins like Dogecoin and XRP have mirrored this momentum, reflecting a broader shift into risk. “The technical setup and macro backdrop now align in favour of continued upside as long as liquidity flows remain supportive,” says Shekhar.

While markets await the upcoming FOMC meeting, buyers are working to build the strength needed for a sustained move toward the $100,000 mark. “A decisive breakout above current levels could clear the path to the $103,000 supply zone. Focus now turns to today’s U.S. jobless claims data, which could play a key role in supporting BTC’s upward trajectory and reinforcing the positive sentiment,” says Akshat Siddhant, Lead Quant Analyst at Mudrex.

Over the past 24 hours, the global economy has once again demonstrated its reliance on central-bank intervention. Weak U.S. labour data ignited fresh speculation of another Fed rate cut, sending the dollar drifting and pushing capital into a familiar dance of risk-on, risk-off hesitation. Asian markets mirrored this uncertainty. Japan rallied, China softened, and investors across the region braced for whatever the Fed would say next. “This jitteriness doesn’t just ripple; it amplifies. Because when the foundations of fiat move, every asset class feels the tremor. Crypto included,” says Nischal Shetty, founder of WazirX.

Riya Sehgal, Research Analyst at Delta Exchange, also believes that markets are increasingly positioning for monetary easing, with a 94% probability of a 25-basis-point Fed rate cut next week. “This expectation has injected fresh optimism into risk assets, with Bitcoin and Ethereum rebounding to two-week highs. Despite improving liquidity conditions, leverage across BTC and ETH futures remains subdued, reflecting cautious sentiment after recent liquidation waves.”

She adds that a breakout above $95,000 could push Bitcoin toward $97,000–$98,000, while Ethereum could target $3,450–$3,650 if it holds above $3,200. Overall, she opines, the market tone is “cautiously bullish”.