Bitcoin price hits two-week high above $114K, PUMP, MNT, PLUME lead altcoin gainers
After briefly retesting the $110,000 support level, Bitcoin continued climbing throughout the day to hit a two-week high above $114,000, fueled by fresh signs that inflation may be easing in the U.S. economy.
The total cryptocurrency market cap crossed the $4 trillion mark for the first time since mid-August, while sentiment edged toward the upper bounds of neutral territory, as measured by the crypto fear and greed index.
Much of the day’s optimism emerged late, after the U.S. economic report was released. As a result, altcoins, largely flat for most of the session, started pushing into the green, with traders reassessing their risk profiles.
Why is Bitcoin price going up?
Today’s rally helped Bitcoin reclaim the $114k level for the first time since late August, with broader market sentiment buoyed by signs that inflation may finally be cooling.
The latest Producer Price Index (PPI) report from the Bureau of Labor Statistics showed that wholesale prices unexpectedly declined in August, sparking a wave of optimism across both traditional and crypto markets.
Headline PPI fell from a 0.7% increase in July to a 0.1% decline last month, bringing the annual figure down to 2.8% from 3.4%.
Core PPI, which strips out volatile food and energy components, also eased from 3.1% to 2.6%, beating expectations.
These numbers added fuel to speculation that the Federal Reserve could shift toward a more dovish stance sooner than previously expected.
The figures arrive just ahead of the upcoming Consumer Price Index (CPI) release, a more widely watched gauge of inflation.
While the consensus still points to a slight uptick in headline CPI, traders are now betting that the PPI trend may foreshadow a surprise downside in consumer inflation as well, raising the odds of a near-term rate cut.
Crypto markets, sensitive to shifts in monetary policy, responded almost instantly. Bitcoin, often viewed as a hedge against currency debasement and inflationary pressure, led the move higher as investors began pricing in a 25 basis point cut in the Fed’s next meeting.
Some analysts, including those from ING and Standard Chartered, went a step further, predicting a 50 basis point reduction.
According to the CME FedWatch tool, 88% of investors expect to see the governors approve a 25 basis point cut, and 12% think the Fed will hand down a 50 basis point cut.
Adding to the bullish mood were strong earnings and outlooks from major tech and AI-related firms.
Oracle saw its stock soar over 32% after revealing a 350% surge in backlog to $455 billion, reinforcing confidence in the AI infrastructure boom.
Taiwan Semiconductor Manufacturing Co. (TSMC) also surprised to the upside, reporting a 34% jump in August sales, well above estimates.
Though not directly tied to the crypto space, these results helped lift broader risk sentiment. With investor appetite for growth assets rising, money rotated back into high-beta sectors, like cryptocurrencies.
AI-heavy names like Nvidia, Microsoft, and Broadcom being among today’s gainers provided further validation that risk-on sentiment was returning.
Will Bitcoin price go up?
With risk appetite seemingly back on the table, Bitcoin’s momentum may have more room to run, at least in the short term.
But beyond macroeconomic speculation, on-chain data is starting to flash a familiar pattern, one that’s historically preceded broader uptrends.
Two widely tracked metrics, Market Value to Realized Value (MVRV) and the Whale Ratio, are offering early clues.
As of this week, Bitcoin’s MVRV ratio is hovering just above 1.4, a zone often associated with mid-cycle consolidation. It’s a far cry from the overheated readings near 3 or 4 that typically signal local tops.
In past cycles, MVRV dipping close to 1 has repeatedly marked attractive accumulation zones, seen during the COVID-19 crash in March 2020 and again during periods of macro tightening in 2022.
Meanwhile, CryptoQuant data shows the Whale Ratio, which measures the proportion of large transactions flowing through exchanges, has started to trend lower after peaking earlier this summer.
That suggests big players may be scaling back their selling and potentially preparing for accumulation. When this metric dropped during the 2020 recovery phase, it preceded one of Bitcoin’s most aggressive rallies.
These are, of course, not perfect signals. But when paired with the macro backdrop, where rate cuts are back on the table, they suggest that whales might be positioning ahead of what could be a friendlier liquidity environment.
If history is any guide, the early phases of a dovish pivot often bring turbulence, profit-taking, overreactions, and repositioning.
But they also tend to set the stage for longer-term rallies, especially when on-chain indicators reset and real-world liquidity starts flowing back into risk assets.
Atlhoug markets seemed euphoric, trader and analyst Wyckoff Insider, however, remained cautious.
Referring to Bitcoin’s latest rally as part of a “PO3” structure, a Wyckoff term that implies potential manipulation, he argued that the current push above $114,000 may not hold unless confirmed by a daily candle body close above $114,207.9.
BTC/USDT perpetual futures 4h price chart. Source: Wyckoff Insider.
“Manipulation until proven otherwise,” he wrote, placing the current range in a zone of distribution until bulls prove otherwise.
Yet, based on crypto analyst Rekt Capital’s earlier analysis, BTC may be setting up for further upside after reclaiming the $113k zone.
BTC/USD 1-day price chart. Source: Rekt Capital.
He noted that Bitcoin has repeatedly been rejected from this level in recent weeks, but each pullback has grown progressively shallower, a sign that selling pressure may be weakening.
When looking at the 24-hour liquidation heatmap, the closest upside target at the time of writing was clustered just above $116,000, where a significant concentration of long liquidations is visible.
BTC 24-hour liquidation heatmap. Source: Coinglass.
This region, with bright yellow and green bands on the Coinglass heatmap, indicates a dense pocket of stop orders and leveraged short positions. These areas act like magnets during strong trend moves, as market makers and whales often push prices into zones of maximum liquidation.
A breakout above the $114,200 zone, which Wyckoff Insider flagged as the key confirmation level, could open the door for a sharp push into the $115,500–$116,200 range.
Beyond $116K, a lighter but still visible cluster sits around $118,000, which could serve as a secondary target if bullish continuation plays out.
On the downside, the $112,000 region, where price consolidated earlier in the day, has emerged as the first line of short-term defense.
If price fails to hold $114K and rolls over, this area could see renewed buying interest.
At the time of publication, Bitcoin was trading around $113,792, marking a 2.6% gain over the past 24 hours.
Top Altcoin gainers today
In the past 24 hours, the combined market capitalization of all altcoins appreciated by nearly 6% to $1.81 trillion as of press time.
Ethereum (ETH) led the march as it rose 3% over the day to a little over $4,400, while other altcoins with leading market shares, such as XRP (XRP), Solana (SOL), Dogecoin (DOGE), and Cardano (ADA), saw gains ranging between 1-5%.
Pump.fun (PUMP) locked in the highest gains among the top 100 altcoins today, up 18.7%, while Mantle (MNT) and Plume (PLUME) closely followed with gains of 16.8% and 14%, respectively.
Although most of the day’s gains were supported by the broader market recovery, individual developments have also helped the top gainers.
Source: CoinMarketCap
Pump.fun: Pump.fun rally was mostly fueled by hype around its Binance.US listing.
More gains follow after the project announced a partnership with crypto exchange MEXC, which has confirmed it will list a Pump. fun-launched token every Monday.
Additionally, Pump.fun continues to support its token through extensive buybacks funded entirely by protocol revenue on the platform.
Mantle: Mantle’s (MNT) rallied after Bybit announced the listing of 21 new spot trading pairs for the token, a development that unlocks more trading options and avenues for hedging.
MNT also secured a spot listing on Hyperliquid, which positions the altcoin for improved liquidity and access across both centralized and decentralised markets for traders.
Plume: For PLUME, gains followed after the layer-2 network revealed it had partnered with Web3 security platform Octane to bring AI-powered security to its real-world asset tokenization ecosystem.
Meanwhile, renewed community discussions added to the gains after Plume unveiled the first cohort of startups selected for its Ascend RWA Accelerator, a nine-week program backed by leading industry partners to fast-track institutional adoption of tokenized assets.
The post Bitcoin price hits two-week high above $114K, PUMP, MNT, PLUME lead altcoin gainers appeared first on Invezz
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Bitcoin price hits two-week high above $114K, PUMP, MNT, PLUME lead altcoin gainers
After briefly retesting the $110,000 support level, Bitcoin continued climbing throughout the day to hit a two-week high above $114,000, fueled by fresh signs that inflation may be easing in the U.S. economy.
The total cryptocurrency market cap crossed the $4 trillion mark for the first time since mid-August, while sentiment edged toward the upper bounds of neutral territory, as measured by the crypto fear and greed index.
Much of the day’s optimism emerged late, after the U.S. economic report was released. As a result, altcoins, largely flat for most of the session, started pushing into the green, with traders reassessing their risk profiles.
Why is Bitcoin price going up?
Today’s rally helped Bitcoin reclaim the $114k level for the first time since late August, with broader market sentiment buoyed by signs that inflation may finally be cooling.
The latest Producer Price Index (PPI) report from the Bureau of Labor Statistics showed that wholesale prices unexpectedly declined in August, sparking a wave of optimism across both traditional and crypto markets.
Headline PPI fell from a 0.7% increase in July to a 0.1% decline last month, bringing the annual figure down to 2.8% from 3.4%.
Core PPI, which strips out volatile food and energy components, also eased from 3.1% to 2.6%, beating expectations.
These numbers added fuel to speculation that the Federal Reserve could shift toward a more dovish stance sooner than previously expected.
The figures arrive just ahead of the upcoming Consumer Price Index (CPI) release, a more widely watched gauge of inflation.
While the consensus still points to a slight uptick in headline CPI, traders are now betting that the PPI trend may foreshadow a surprise downside in consumer inflation as well, raising the odds of a near-term rate cut.
Crypto markets, sensitive to shifts in monetary policy, responded almost instantly. Bitcoin, often viewed as a hedge against currency debasement and inflationary pressure, led the move higher as investors began pricing in a 25 basis point cut in the Fed’s next meeting.
Some analysts, including those from ING and Standard Chartered, went a step further, predicting a 50 basis point reduction.
According to the CME FedWatch tool, 88% of investors expect to see the governors approve a 25 basis point cut, and 12% think the Fed will hand down a 50 basis point cut.
Adding to the bullish mood were strong earnings and outlooks from major tech and AI-related firms.
Oracle saw its stock soar over 32% after revealing a 350% surge in backlog to $455 billion, reinforcing confidence in the AI infrastructure boom.
Taiwan Semiconductor Manufacturing Co. (TSMC) also surprised to the upside, reporting a 34% jump in August sales, well above estimates.
Though not directly tied to the crypto space, these results helped lift broader risk sentiment. With investor appetite for growth assets rising, money rotated back into high-beta sectors, like cryptocurrencies.
AI-heavy names like Nvidia, Microsoft, and Broadcom being among today’s gainers provided further validation that risk-on sentiment was returning.
Will Bitcoin price go up?
With risk appetite seemingly back on the table, Bitcoin’s momentum may have more room to run, at least in the short term.
But beyond macroeconomic speculation, on-chain data is starting to flash a familiar pattern, one that’s historically preceded broader uptrends.
Two widely tracked metrics, Market Value to Realized Value (MVRV) and the Whale Ratio, are offering early clues.
As of this week, Bitcoin’s MVRV ratio is hovering just above 1.4, a zone often associated with mid-cycle consolidation. It’s a far cry from the overheated readings near 3 or 4 that typically signal local tops.
In past cycles, MVRV dipping close to 1 has repeatedly marked attractive accumulation zones, seen during the COVID-19 crash in March 2020 and again during periods of macro tightening in 2022.
Meanwhile, CryptoQuant data shows the Whale Ratio, which measures the proportion of large transactions flowing through exchanges, has started to trend lower after peaking earlier this summer.
That suggests big players may be scaling back their selling and potentially preparing for accumulation. When this metric dropped during the 2020 recovery phase, it preceded one of Bitcoin’s most aggressive rallies.
These are, of course, not perfect signals. But when paired with the macro backdrop, where rate cuts are back on the table, they suggest that whales might be positioning ahead of what could be a friendlier liquidity environment.
If history is any guide, the early phases of a dovish pivot often bring turbulence, profit-taking, overreactions, and repositioning.
But they also tend to set the stage for longer-term rallies, especially when on-chain indicators reset and real-world liquidity starts flowing back into risk assets.
Atlhoug markets seemed euphoric, trader and analyst Wyckoff Insider, however, remained cautious.
Referring to Bitcoin’s latest rally as part of a “PO3” structure, a Wyckoff term that implies potential manipulation, he argued that the current push above $114,000 may not hold unless confirmed by a daily candle body close above $114,207.9.
BTC/USDT perpetual futures 4h price chart. Source: Wyckoff Insider.
“Manipulation until proven otherwise,” he wrote, placing the current range in a zone of distribution until bulls prove otherwise.
Yet, based on crypto analyst Rekt Capital’s earlier analysis, BTC may be setting up for further upside after reclaiming the $113k zone.
BTC/USD 1-day price chart. Source: Rekt Capital.
He noted that Bitcoin has repeatedly been rejected from this level in recent weeks, but each pullback has grown progressively shallower, a sign that selling pressure may be weakening.
When looking at the 24-hour liquidation heatmap, the closest upside target at the time of writing was clustered just above $116,000, where a significant concentration of long liquidations is visible.
BTC 24-hour liquidation heatmap. Source: Coinglass.
This region, with bright yellow and green bands on the Coinglass heatmap, indicates a dense pocket of stop orders and leveraged short positions. These areas act like magnets during strong trend moves, as market makers and whales often push prices into zones of maximum liquidation.
A breakout above the $114,200 zone, which Wyckoff Insider flagged as the key confirmation level, could open the door for a sharp push into the $115,500–$116,200 range.
Beyond $116K, a lighter but still visible cluster sits around $118,000, which could serve as a secondary target if bullish continuation plays out.
On the downside, the $112,000 region, where price consolidated earlier in the day, has emerged as the first line of short-term defense.
If price fails to hold $114K and rolls over, this area could see renewed buying interest.
At the time of publication, Bitcoin was trading around $113,792, marking a 2.6% gain over the past 24 hours.
Top Altcoin gainers today
In the past 24 hours, the combined market capitalization of all altcoins appreciated by nearly 6% to $1.81 trillion as of press time.
Ethereum (ETH) led the march as it rose 3% over the day to a little over $4,400, while other altcoins with leading market shares, such as XRP (XRP), Solana (SOL), Dogecoin (DOGE), and Cardano (ADA), saw gains ranging between 1-5%.
Pump.fun (PUMP) locked in the highest gains among the top 100 altcoins today, up 18.7%, while Mantle (MNT) and Plume (PLUME) closely followed with gains of 16.8% and 14%, respectively.
Although most of the day’s gains were supported by the broader market recovery, individual developments have also helped the top gainers.
Source: CoinMarketCap
Pump.fun: Pump.fun rally was mostly fueled by hype around its Binance.US listing.
More gains follow after the project announced a partnership with crypto exchange MEXC, which has confirmed it will list a Pump. fun-launched token every Monday.
Additionally, Pump.fun continues to support its token through extensive buybacks funded entirely by protocol revenue on the platform.
Mantle: Mantle’s (MNT) rallied after Bybit announced the listing of 21 new spot trading pairs for the token, a development that unlocks more trading options and avenues for hedging.
MNT also secured a spot listing on Hyperliquid, which positions the altcoin for improved liquidity and access across both centralized and decentralised markets for traders.
Plume: For PLUME, gains followed after the layer-2 network revealed it had partnered with Web3 security platform Octane to bring AI-powered security to its real-world asset tokenization ecosystem.
Meanwhile, renewed community discussions added to the gains after Plume unveiled the first cohort of startups selected for its Ascend RWA Accelerator, a nine-week program backed by leading industry partners to fast-track institutional adoption of tokenized assets.
The post Bitcoin price hits two-week high above $114K, PUMP, MNT, PLUME lead altcoin gainers appeared first on Invezz
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