Bitcoin remained around $113,000 as traders anticipated the conclusion of the Federal Open Market Committee (FOMC) meeting today, with Chair Jerome Powell scheduled to hold a press conference at 2:30 p.m. ET.
Analyst insights
Ali Martinez notes that bitcoin must surpass $120,000 to pave the way toward $143,000. Simply put, he believes that clearing the $120K threshold reduces historical price congestion above, making it more likely to reach the $143K milestone in his analysis.
His analysis is based on long-term pricing bands—smoothed curves derived from on-chain averages that function like lanes on a highway. In the provided chart, the price is positioned below a critical band at $120K; above this, the next band is close to $143K, which he considers the next key waypoint. The implication is not that the price must ascend there, but rather that reclaiming $120K indicates more clear space until reaching the upper band around $143K.
Michaël van de Poppe states that the recent decline appears to be a typical dip rather than a trend reversal, emphasizing the need for $112K to maintain its support before forecasting further upward movement. In other words, he perceives the downturn as a normal “check the floor” phase, not the beginning of a major decline.
His conclusions stem from a medium-term price chart outlining two distinct zones: a floor at $112K and a ceiling ranging from $115.6K to $116.2K. His chart illustrates a potential bounce from this floor back toward the ceiling, visually representing his belief that the market can stabilize here and attempt another upward move if $112K holds.
Glassnode reveals that many recent purchasers are clustered around $111,000, while significant selling interest is present around $117,000. To put it simply, $111K is where value seekers typically engage, and $117K is where profit-taking frequently occurs, creating a tug-of-war that defines the current range.
They derive this from a cost-basis distribution analysis, which categorizes coins by the price at which they last changed hands. Peaks in that distribution around $111K indicate a large number of buyers (a supportive area), while peaks near $117K signal many potential sellers (an area that can hinder price rallies). The key takeaway is that a decisive move beyond the $111K–$117K range could establish the tone for the next larger price leg.
Technical analysis highlights
The subsequent data comes from CoinDesk Research’s technical analysis model.
- Oct. 28, 14:00 UTC: Trading surged to 22,844 BTC (174% of the 24-hour average of 8,268), raising the price to a daily peak of nearly $116,094 before sellers capped the move between $115,600 and $116,200.
- Oct. 28, 20:00 UTC: A second wave of trading pushed the price down toward $112,500, where buyers intervened, slowing the descent.
- Oct. 29, 02:00 UTC window: Over the preceding 24 hours, bitcoin fell about 1.2%, from $113,973 to $112,568, marking a swing of approximately $3,930.
- 03:45 UTC, Oct. 29 (time of writing): Price was around $112,637, with smaller candles that often indicate a pause in activity.
- Key levels to watch: Support at $112,500 and then $111,000; resistance at $115,600–$116,200. A push past $116K opens the door to $119K–$120K; a decline below $112.5K brings $111K back into play.
Analysis of latest 24-hour and one-month charts from CoinDesk Data
24-hour view: The day displayed a bounce between a ceiling and a floor. The price surged to $116K, retracted, and then found support near $112.5K. Following this, the candles reduced in size, usually signaling that buying or selling has slowed, with traders awaiting a new movement.
One-month view: Recent trading occurs within a $111K–$117K corridor, explaining why rapid rallies tend to stall near $117K while quick dips usually find buyers around $111K. Until the price exits this corridor, expect continued oscillation. A solid move above $116K, followed by $120K, would indicate an upward shift in balance; a drop below $112.5K would test $111K and the strength of the support.
Disclaimer: This article includes sections generated with the help of AI tools and has been reviewed by our editorial team to ensure accuracy and adherence to our standards. For further details, refer to CoinDesk’s complete AI Policy.
