Bitcoin Eyes $111K Before CPI as Traders Rebuild Longs

Bitcoin stabilized near $110K as traders prepared for CPI data. Funding rates turned positive, signaling renewed confidence. Analysts eyed resistance at $ 111,000–$ 114,000, with caution over short-term sweeps before a potential upside continuation.

BTC Recovers to $110K as Market Awaits CPI

Bitcoin (BTC) traded near $110,100 on Oct. 23, rebounding after testing key support levels below $108,000 earlier in the week. The move came as traders positioned for upcoming U.S. Consumer Price Index (CPI) data, which could shape short-term volatility across risk assets.

On Binance, Bitcoin’s perpetual futures funding rate rose back into positive territory, reaching 0.0067, according to exchange data. The shift marked a reversal from the negative readings that accompanied BTC’s recent correction from $126,000 to $104,000. The positive funding signaled that traders were once again paying to hold long positions, suggesting improved confidence after last week’s decline.

A report from CryptoQuant described this return to positive funding as a “stabilization phase,” adding that moderate rates reflect a healthier derivatives market structure. Analysts at the platform noted that such readings typically precede sustained price recovery periods if spot buying strengthens.

SuperBro: “Short-Term Pain for Long-Term Gain”

Crypto trader SuperBro (@SuperBitcoinBro) remained cautious despite the rebound, warning that Bitcoin might still need a liquidity “sweep” before confirming any bullish continuation.

“Waiting for that sweep and skeptical of any pumps here,” he wrote on X, comparing potential shakeouts to gym training “short-term pain for long-term gain.”

SuperBro’s 4-hour chart showed a bearish alignment between the 50, 100, and 200 simple moving averages (SMAs), indicating continued downside risk if BTC fails to reclaim the $111,000–$114,000 range. He identified the August low as a critical short-term level where liquidity could be tested before any sustainable move higher.

“Short-term gain for long-term pain,” he added, suggesting that rapid rallies without consolidation often lead to deeper corrections.

Technical Picture: Key Levels at $111K and $114K

Data from TradingView confirmed that Bitcoin’s daily close above the 200-day moving average at $108,308 helped maintain the bullish midterm outlook. The 50-day SMA, currently near $114,141, remains immediate resistance alongside the 0.618 Fibonacci retracement at roughly $115,000.

Analyst Killa (@KillaXBT) expects short-term upside toward $111,000, citing market positioning ahead of CPI as a key driver. “This is the first CPI we are dumping into instead of pumping into,” Killa noted, projecting a 2–3% push if no delay occurs due to the U.S. government shutdown.

The confluence of the 200-day SMA and Fibonacci levels created a resistance cluster that may cap upside momentum if traders reduce exposure before data release. A sustained breakout above $115,000, however, could revalidate the broader uptrend targeting the $119,000–$125,000 range.

Smart Money Still Winning on the Short Side

Blockchain data from Lookonchain showed that a trader identified as 0xc2a3 closed a $BTC short position for an $826,000 profit. The trader, known for a 100% win rate across 11 days, has accumulated over $12 million in profits during the recent correction.

His trading history indicates systematic short entries during overheated funding phases and closures near technical support. The latest exit coincided with BTC reclaiming the $110,000 level — suggesting possible exhaustion of bearish momentum, at least temporarily.

The consistent profitability of high-capital traders like 0xc2a3 has often coincided with cycle pivots, as retail traders typically exit positions under pressure while professional money reduces exposure ahead of rebounds.

Traders Regain Confidence Amid “True Scarcity” Narrative

Despite the short-term skepticism, sentiment surrounding Bitcoin’s long-term fundamentals remained strong. Researcher İbrahim Coşar described Bitcoin as “true money” and a “real store of value in the digital age,” emphasizing its fixed 21 million supply and counterfeit-proof blockchain design.

Coşar contrasted Bitcoin’s transparency with gold’s vulnerability to manipulation via “paper contracts” and physical restrictions. “Price manipulation is possible with Bitcoin, but supply manipulation is impossible,” he argued, noting that this intrinsic scarcity gives Bitcoin an edge as a long-term value asset.

The view aligned with market observations that the spot market structure has gradually strengthened since early October, as noted by CryptoQuant analysts, who linked accumulation phases to upcoming structural recoveries.

Reclaiming $115K Could Reignite Momentum

As Bitcoin hovered between $108,000 and $111,000, traders closely watched the reaction to upcoming macro data. The return of positive funding, combined with sustained spot demand, pointed to the potential for stabilization rather than renewed capitulation.

If BTC clears $111,000 resistance and closes above $114,000, momentum traders could reenter, targeting $119,000 in the short term. Conversely, a failure to hold $108,000 may reexpose the August low near $104,000.

For now, Bitcoin’s recovery remains fragile but structurally intact. As SuperBro noted, the “gym phase” may continue with short-term pain possibly setting up long-term gain.