Bitcoin’s price has been hovering around $113,000 as traders keep a close watch on the outcomes from the Federal Open Market Committee (FOMC) meeting. Investors are particularly focused on Chair Jerome Powell’s upcoming press conference, scheduled for 2:30 p.m. ET, which many believe could influence short-term market movements.
Analyst Ali Martinez suggests that for Bitcoin to create a path toward $143,000, it needs to first break through the resistance level of $120,000. According to his analysis, if Bitcoin can clear this psychological barrier, there is historically less resistance above that price point, potentially opening the door for a climb to $143,000. Martinez employs long-term pricing bands in his analysis, which function like lanes on a highway. Currently, Bitcoin’s price is sitting below a key resistance band around $120,000, with the next significant band identified near $143,000.
Michaël van de Poppe also weighs in, asserting that the recent downward movement in Bitcoin’s price appears to be a routine dip rather than a sign of an altered trend. He identifies important support at $112,000, arguing that this level must hold for the market to set its sights on higher levels. Van de Poppe emphasizes that the current price action resembles a typical “check the floor” moment and not the beginning of a major downturn.
Supporting these views, Glassnode reports that recent buyers are concentrated around the $111,000 mark, while selling interest is notably stronger at around $117,000. This dynamic creates a marketplace defined by a tug-of-war between buyers seeking bargains and sellers looking to take profits. The data suggests that a decisive move outside the $111,000–$117,000 range could influence the market’s trajectory moving forward.
Technical analysis from CoinDesk Research highlights that trading surged on October 28th, with volumes reaching 22,844 BTC, significantly above the 24-hour average of 8,268 BTC. Initially, this surge pushed Bitcoin’s price to a peak of around $116,094 before sellers emerged to cap the rally, with subsequent movements showing support near $112,500.
Recent trading data indicates that Bitcoin experienced a slight decline of approximately 1.2% over a 24-hour period, dropping from $113,973 to $112,568 before stabilizing around $112,637. Traders are noting critical levels to watch: support is positioned at $112,500 and $111,000, while resistance sits between $115,600 and $116,200. A break through the $116,000 barrier could potentially open the door to levels around $119,000 to $120,000, whereas a fall below $112,500 could put $111,000 back in focus.
In summary, Bitcoin’s trading within a defined corridor of $111,000–$117,000 suggests continued volatility unless a decisive move is made. Observers anticipate that a significant price shift above $116,000 and $120,000 could indicate a bullish trend, while a drop below $112.5K could challenge the current support levels.
