Bitcoin was trading around $114,501 at 23:35 UTC on Oct. 26, extending a clean break above $112,000 as short sellers bore most of the day’s liquidation and traders analyzed new US-China trade talk posts ahead of this week’s FOMC meeting.
Breakout summary
CoinDesk Research’s technical analysis model observed a move from $111,453 to $113,572, led by a 09:00 UTC surge, with volume jumping around 318% above the session average, carrying the price through the $112,000 ceiling.
Follow-up added successive higher highs at midday before activity cooled, with the price narrowing into a $113,550-$113,720 box. Attempts near $113,700-$113,733 faded and defined immediate resistance, while a shelf formed near $113,300.
Derivative control
Over the past 24 hours, CoinGlass has accumulated $393.74 million in liquidations across venues, including $319.18 million from short positions and $74.45 million from longs. The largest single wipeout was a $19.04 million BTC-USD order on Hyperliquid.
In plain English: traders who bet against the move were forced to exit far more than longs, a dynamic that can amplify the upside when a key level is broken.
Consultations between the United States and China
Between 12:29 and 12:36 UTC, the Chinese Embassy in the United States issued three updates on X describing “sincere, in-depth and constructive” consultations in Kuala Lumpur between Vice Premier He Lifeng and US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer.
The positions listed work topics: Section 301 measures on China’s maritime, logistics and shipbuilding sectors; a possible extension of the suspension of reciprocal tariffs; fentanyl-related customs and law enforcement cooperation; trade in agriculture; and export control. The embassy said the parties “reached basic consensus” and would work out details through domestic processes.
A follow-up post quoted He Lifeng as saying that stable US-China trade serves both countries and called for dialogue on an equal footing. It referred to implementing “important consensus” reached by the two heads of state earlier this year, addressing differences and expanding mutually beneficial cooperation to promote trade relations to a “higher level.”
A third submission said both sides agreed that they will use the consultation mechanism, maintain close communication on respective concerns and promote sound, stable and sustainable development of bilateral economic and trade relations. The tone was process-oriented and forward-looking, signaling continued conversations rather than specific policy outcomes.
Trump-Xi meeting
On Friday, CNBC reported that the White House expects US President Donald Trump to meet Chinese President Xi Jinping on October 30 on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, with the aim of reducing tensions and seeking a trade deal. The report quoted Trump as saying, “we’re going to get along very well,” about the planned meeting.
Fed this week
The Fed’s two-day FOMC meeting ends on October 29, followed by Chairman Jerome Powell’s press conference. Markets will look for guidance on rate and balance sheet policy; for risk assets like crypto, the focus is whether the Fed cuts or holds, how it signals the path from here and the tone Powell strikes.
What to see next
If BTC closes above around $113,700-$114,000 and holds this range (UTC), traders will look to the $115,000-$116,000 band next. If BTC falls back below approx. $113,300 and stays there, a retest of $111,000 becomes more likely; deeper weakness could revisit the $108,000 region that anchored the previous base.
Latest 24-hour and one-month chart read
From 23:23-23:35 UTC on October 26, BTC was $114,501 (approx. +2.6% in the period). On the 24-hour price chart, buyers entered declines towards $113,000-$113,300 after the $112,000 break, while the intraday push met bids near $114,700.
On the one-month chart (around $114,575), bitcoin has recovered from mid-October lows near $105,000, but remains below early October peaks around $125,500; a daily close north of around $116,000 would strengthen the case for another test of the $120,000-$125,000 band.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial staff to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
