Bitcoin hovered near $113,000 as traders waited for the Federal Open Market Committee (FOMC) – the Federal Reserve’s rate-setting group – to wrap up its meeting today with Chairman Jerome Powell’s press conference at 6 p.m. 2:30 p.m. ET.
Analyst comments
Ali Martinez says bitcoin needs to climb above $120,000 to open a path towards $143,000. Simply put, he argues that once the price clears $120K, there is 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 that uses long-term price bands – smooth curves built from averages on the chain that act like lanes on a highway. In the photo you shared, the price under a keychain is around $120K; above that is the next band near $143K, which he treats as the next big waypoint. The point is not that the price should go there, but that once $120K is recovered, the model shows more open air until the upper band around $143K.
Michaël van de Poppe says the recent decline looks like a routine decline, not a broken trend, and he wants $112,000 to continue holding as support before expecting another push higher. Put another way, he sees the move down as a standard “check the floor” moment, not the start of a major roller coaster.
He bases this on a medium-term time frame price chart with two clear zones: a bottom near $112K and a ceiling around $115.6K-$116.2K. His chart outlines a path that bounces from the floor back toward the ceiling, visually communicating his idea that the market may stabilize here and try higher again if $112K continues to hold.
Glassnode says many recent buyers are concentrated near $111,000, while major selling interest is around $117,000. In everyday terms, $111,000 is where bargain hunters often step in, and $117,000 is where profit-taking often appears, creating a tug-of-war that defines the current range.
They base this on a cost-based distribution view, which groups coins by the price they last moved. Peaks in this distribution around $111,000 signal lots of buyers there (a supportive area), and peaks near $117,000 signal lots of potential sellers (an area that could slow rallies). The takeaway is that a clean move outside of $111K-$117K could set the tone for the next bigger 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 of 8,268), lifting the price to the day’s high near $116,094, before sellers limited the move between $115,600-$116,200.
- Oct 28, 20:00 UTC: Another burst of activity pushed the price towards $112,500 as buyers responded and the slide slowed.
- October 29, 02:00 UTC window: In the 24 hours that ended after that, bitcoin fell about 1.2%, from $113,973 to $112,568, a swing of about $3,930.
- 03:45 UTC, October 29 (time of writing): Price was near $112,637, with minor candles often signaling a break.
- Levels to watch: Support at $112,500, then $111,000; resistance at $115,600-$116,200. A print of $116K opens $119K–$120K; a loss of $112.5K puts $111K back in play.
Analysis of recent 24-hour and one-month charts from CoinDesk Data
24-hour view: The day looked like a jump between a ceiling and a floor. The price sprinted to $116,000, fell back, and then found support near $112,500. After that, the candles turned smaller, which usually means that the rush to buy or sell has cooled and traders are waiting for another push.
One Month View: The latest trade is in a corridor of $111K-$117K. That explains why rapid rallies often stall near $117,000 and rapid declines often find buyers near $111,000. Until price exits this corridor, expect more back and forth. A firm move above $116K and then $120K would argue that the balance is moving up; a clean drop below $112.5K would test $111K and the strength of the floor.
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.
