Standard Pre-FOMC Pullback and $120K Break Puts $143K in Play, Analysts Say

Bitcoin hovered near $113,000 as traders waited for the Federal Open Market Committee (FOMC) — the Federal Reserve’s rate-setting group — to conclude its meeting today, with Chair Jerome Powell’s press conference at 2:30 p.m. ET.

Analyst comments

Ali Martinez says bitcoin needs to climb over $120,000 to open a path toward $143,000. In simple terms, he’s arguing that once price clears $120K, there’s less historical “traffic” above, so an advance to the next landmark around $143K becomes more likely on his framework.

He bases this on a chart using long-term pricing bands—smooth curves built from on-chain averages that act like lanes on a motorway. In the image you shared, price sits below a key band around $120K; above that, the next band is near $143K, which he treats as the next major waypoint. The point is not that price must go there, but that once $120K is reclaimed, the model shows more open air until the upper band around $143K.

Michaël van de Poppe says the recent drop looks like a routine dip, not a broken trend, and he wants $112K to keep holding as support before expecting another push higher. Put differently, he sees the move down as a standard “check the floor” moment, not the start of a bigger slide.

He bases this on a medium-timeframe price chart with two clear zones: a floor near $112K and a ceiling around $115.6K–$116.2K. His chart sketches a path that bounces from the floor back toward the ceiling, which visually communicates his idea that the market can stabilize here and try higher again if $112K continues to hold.

Glassnode says many recent buyers are concentrated near $111,000, while heavier selling interest sits around $117,000. In everyday language, $111K is where bargain hunters often step in, and $117K is where profit-taking often shows up, creating a tug-of-war that defines the current range.

They base this on a cost-basis distribution view, which groups coins by the price where they last moved. Peaks in that distribution around $111K signal lots of buyers there (a supportive area), and peaks near $117K signal lots of potential sellers (an area that can slow rallies). The takeaway is that a clean move outside $111K–$117K could set the tone for the next larger leg.

Technical analysis highlights

The following is based on CoinDesk Research’s technical analysis data model.

• Oct. 28, 14:00 UTC: Trading jumped to 22,844 BTC (174% of the 24-hour average 8,268), lifting price to the day’s high near $116,094 before sellers capped the move between $115,600–$116,200.
• Oct. 28, 20:00 UTC: A second burst of activity pressed price toward $112,500, where buyers responded and the slide slowed.
• Oct. 29, 02:00 UTC window: Over the 24 hours ending then, bitcoin slipped about 1.2%, from $113,973 to $112,568, a swing of roughly $3,930.
• 03:45 UTC, Oct. 29 (time of writing): Price was near $112,637, with smaller candles that often signal a pause.
• Levels to watch: Support at $112,500, then $111,000; resistance at $115,600–$116,200. A push through $116K opens $119K–$120K; a loss of $112.5K puts $111K back in play.

Analysis of latest 24-hour and one-month charts from CoinDesk Data

24-hour view: The day looked like a bounce between a ceiling and a floor. Price sprinted to $116K, dropped back, then found support near $112.5K. After that, the candles got smaller, which usually means the rush to buy or sell cooled and traders are waiting for a fresh push.

One-month view: Most recent trading sits inside a $111K–$117K corridor. That explains why quick rallies often stall near $117K and quick dips often find buyers near $111K. Until price leaves this corridor, expect more back-and-forth. A firm move above $116K and then $120K would argue the balance is shifting upward; a clean drop below $112.5K would test $111K and the strength of the floor.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.