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Bitcoin price today rises above the $111,300 level after holding firm near the $107K–$108K support zone. Popular crypto analyst Michael van de Poppe says the $112,000 level will be crucial in deciding if Bitcoin can push toward a new all-time high (ATH).
Adding to the excitement, today’s CPI report could fuel a bullish move, giving Bitcoin an extra boost.
BTC Finds Support at $110,000
Bitcoin has recently reclaimed the $110,000 support level, showing the market is getting stronger. Crypto trader Michael van de Poppe says that holding $110K is good, but the next challenge is at higher prices.
As of now, Bitcoin’s price is hovering around a key resistance zone that aligns with both the 20-day moving average (MA) and a strong horizontal barrier, as shown in the chart.
“Breaking $112K is the crucial level for me.” “If that breaks, we’re likely seeing a new ATH in November.”
Even the BTC Volume analysis also shows growing participation during recent green candles, suggesting that buyers are stepping back in.
Why $112K Level Matters for Bitcoin’s Next Move
On the daily chart, Bitcoin appears to be recovering from its sharp drop earlier this month, when it fell from around $123K to below $107K. Since then, bulls have managed to protect the lower range, forming a potential rebound base.
The price is now pushing toward the red resistance zone marked between $111K and $113K, where sellers previously stepped in. This region has become the make-or-break area for short-term traders.
A successful breakout above it could open the door for a swift move toward the $119K–$120K range, the final resistance before Bitcoin attempts to retest its previous all-time high near $124K.
CPI Data Could Be a Market Game-Changer
On top of it, all eyes are on today’s Consumer Price Index (CPI) data, which could heavily influence both traditional and crypto markets. According to Coinpedia news, economists are forecasting a 0.4% rise month-over-month and an annual inflation rate of 3.1%,
If CPI surpasses 3% for the first time in 2025, it may trigger major market reactions. High inflation can increase volatility in Bitcoin, as traders react to potential changes in monetary policy or investor sentiment.