Bitcoin's price has strongly risen by 4.5% within two days, rebounding from a low of $108,650 to nearly $114,000, currently trading at $114,423, with a 24-hour increase of 3.62%. A bullish double bottom pattern has formed on the daily chart, with technical analysis pointing to a potential target price of $127,000. While Bitcoin is steadily recovering, Ethereum's (ETH) fundamentals are accelerating improvement: Bit Digital plans to increase its ETH holdings through the issuance of convertible bonds, while BitMine Immersion Technologies has become the largest publicly traded company holding ETH. More significantly, SWIFT is testing the technology of the Ethereum Layer2 network Linea with several major banks, marking the validation and strengthening of ETH's role in the global financial system.
Bitcoin's technical indicators have completely turned bullish, with a double bottom pattern pointing to $127,000
The strong rebound of Bitcoin has successfully reversed last week's sell-off. Analysts believe that the previous pullback was mainly caused by leveraged long positions being liquidated, laying a more solid foundation for the subsequent rebound.
bullish pattern and target price
The Bitcoin daily chart has formed a clear double bottom pattern, with the low point at 108,650 USD and the neckline at 117,875 USD.
· According to Technical Analysis, the target price of this pattern is obtained by measuring the distance from the low point to the neckline and projecting it upwards above the neckline, resulting in a target price of approximately 127,000 USD.
· Key support breakout: Bitcoin price has successfully broken through the 50-day and 100-day exponential moving averages.
· Indicator support: The Relative Strength Index (RSI) and MACD indicators have both turned upward, providing strong support for a bullish judgment.
· On-chain data supports long-term bullish outlook
On-chain data shows that the outflow of Bitcoin from exchanges is greater than the inflow, indicating that holders are accumulating and selling pressure is easing. In addition, the cooling of funding rates suggests a reduction in speculative leverage in the market, creating a healthier environment for sustained growth.
· Key Levels: If Bitcoin can close above $115,000, it will confirm a bullish momentum entering Q4. The next resistance levels are at $116,150 and $117,850, which are expected to push the price closer to $120,000.
· Institutional Activity: Strategy Inc. bought 196 BTC again at last week's low, worth 22.1 million USD, with an average purchase price of 113,048 USD. The company currently holds a total of 640,031 BTC, worth over 4.7 billion USD.
Ethereum Fundamentals Accelerate Strengthening: SWIFT Experiment and Whale Accumulation
As the technical aspects of Bitcoin improve, the fundamentals of Ethereum, driven by institutions and infrastructure development, are accelerating and strengthening.
SWIFT adopts testing, ETH infrastructure gains global recognition
The global payment information network SWIFT (connecting over 11,000 banks and processing more than $150 trillion in transactions annually) has begun testing the technology of the Ethereum Layer-2 network Linea with major banks such as BNP Paribas and BNY Mellon.
· Test content: Focus on using Linea for on-chain messaging and settlement.
· Industry significance: This experiment validates the potential of Ethereum technology in real-world financial systems, reinforcing its position as the preferred neutral public blockchain for Wall Street and AI companies.
Ethereum whales increase their holdings, exchange reserves continue to decline
Two publicly listed companies have recently demonstrated a strong bullish bet on ETH:
· BitMine Immersion Technologies: The company expanded its holdings to 2.65 million ETH on Monday, worth over $11 billion at current prices. BitMine is now the largest vault company holding ETH among tracking companies, surpassing the second place SharpLink Gaming with 838,000 ETH.
· Bit Digital: The company announced plans to raise $100 million through the issuance of convertible senior notes, with the net proceeds to be used to purchase more ETH, expecting to increase its holdings by 23,714 ETH, which will surpass mainstream CEX Coinbase in the ranking of ETH treasury companies, rising to sixth place.
CryptoQuant data shows that the reserves of ETH on spot exchanges have been declining in recent weeks, indicating that investors are purchasing ETH and transferring it to personal wallets or staking platforms for long-term holding, reducing the selling supply on exchanges.
Macroeconomic Risks and Outlook: Beware of NFP Data and Government Shutdown
Although the market is optimistic, it still faces macro-level uncertainties:
· Risk of US Government Shutdown: This week, the US faces the possibility of a government shutdown. Some analysts believe this could be beneficial for Bitcoin, as it may increase the likelihood of a Federal Reserve rate cut, but economist Mark Zandi warns that the recession risk remains high.
· Non-farm payroll data: The Bureau of Labor Statistics will release the non-farm payroll report on Friday, which will be a key basis for predicting the Federal Reserve's next interest rate decision.
· CME Gap: Traders are still focused on the CME gap around $111,300, which may lead to a brief price pullback, but historical experience shows that such pullbacks are usually short-lived.
Conclusion
As Bitcoin's technical indicators fully turn bullish and point towards a high of $127,000, Ethereum has solidified its position as the core of global finance and AI infrastructure thanks to SWIFT's technological adoption and strong accumulation by whales. The influx of institutional funds and the decline in exchange reserves have provided solid fundamental support for the two major cryptocurrencies. Despite ongoing macro uncertainties such as the U.S. government shutdown and non-farm payroll data, the market is welcoming a historic bullish fourth quarter with strong momentum. Investors should focus on the double bottom breakout opportunity for Bitcoin while also seizing the potential for Ethereum's long-term application value.
Disclaimer: This article is for informational purposes only and does not constitute any investment advice. The cryptocurrency market is highly volatile, and investors should make decisions cautiously.
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