Bitcoin hovered near $113,000 on Tuesday as traders awaited the outcome of the Federal Open Market Committee (FOMC) meeting. The U.S. Federal Reserve’s rate decision will be followed by a press conference from Chair Jerome Powell at 2:30 p.m. ET.
According to analysts, the recent volatility looks like a normal correction within a bullish trend, not a sign of reversal. Key price levels remain concentrated between $111,000 and $120,000.
Analysts: A Break Above $120K Could Open the Door to $143K
Crypto analyst Ali Martinez believes Bitcoin must close decisively above $120,000 to unlock the next leg higher toward $143,000.
“Once Bitcoin reclaims $120,000, historical resistance levels thin out considerably. The chart shows open space all the way to $143,000,” Martinez explained.
His outlook is based on long-term price bands — smooth, on-chain averages that act as zones of support and resistance. At present, $120,000 forms a key ceiling, while $143,000 represents the next potential profit-taking region.
Van de Poppe: The Dip Looks Routine, Not a Trend Break
Popular trader Michaël van de Poppe described the recent pullback as a “healthy floor test” rather than the start of a downtrend.
He expects Bitcoin to hold above $112,000 before resuming its climb toward $116,000 and eventually $120,000.
“This isn’t panic — it’s just a normal cooldown before the next move,” van de Poppe wrote on X.
His medium-term chart outlines support near $112,000 and resistance between $115,600 and $116,200. As long as the lower boundary holds, he sees a strong chance for a rebound to higher levels.
Glassnode: Buyers at $111K, Sellers Near $117K
On-chain data from Glassnode show most recent buyers clustering around $111,000, while selling pressure builds near $117,000.
This tug-of-war defines the current range.
In simpler terms: $111,000 is where bargain hunters step in, while $117,000 is where profit-taking typically begins.
A decisive move beyond either level could set the next major direction for BTC.
Technical Highlights from CoinDesk Research
According to CoinDesk Research, October 28 saw a sharp spike in activity:
14:00 UTC: Trading volumes surged to 22,844 BTC — 174% above the 24-hour average (8,268 BTC) — pushing prices to a daily high of $116,094.
20:00 UTC: A second wave of selling drove BTC down to $112,500, where buying support kicked in.
Oct 29, 02:00 UTC: Bitcoin slipped 1.2% to $112,568, marking roughly a $3,930 intraday swing.
03:45 UTC: BTC traded near $112,637, with smaller candles indicating a pause in volatility.
Key Levels:
Support: $112,500 and $111,000
Resistance: $115,600–$116,200
Break above $116,000 could open $119,000–$120,000
Break below $112,500 would retest $111,000
Summary: Bitcoin Waits for Fed’s Next Move
Both daily and monthly charts show Bitcoin consolidating between $111,000 and $117,000.
A clear breakout above $120,000 would signal a shift back to bullish momentum, potentially paving the way toward $143,000.
Until then, the market remains calm — waiting for Jerome Powell’s remarks and the Fed’s tone for the months ahead.
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