Why is Bitcoin price pumping? Catch up on what’s moving crypto

Bitcoin briefly breached $116,000, driven by a combination of macro tailwinds and technical factors. Traders are positioning for a dovish Federal Reserve decision on October 29th, anticipating easier financial conditions that favor risk assets. This macro backdrop is supported by a softer dollar index (DXY) and subdued long yields on the 10-year Treasury. Furthermore, digital asset products saw $921 million in net inflows, reversing October's outflows, as dip-buyers treated sub-$115,000 levels as entry points. Derivatives markets amplified the rally through significant short liquidations over the weekend. Supply-side pressure also eased as the Mt. Gox trustee extended the creditor repayment deadline to October 2026. However, risks remain, as the same institutional cohort that bought this week were net sellers in mid-October, and sharp dollar rallies or fading rate-cut odds could quickly reverse the current positive sentiment.

(Source：CryptoSlate)