Bitcoin hovered near $113,000 as traders waited for the Federal Open Market Committee (FOMC)—the Federal Reserve’s setting group—to conclude its meeting today, with Chair Jerome Powell’s press conference at 2:30 pm ET.
Analyst Comments
Ali Martinez said Bitcoin needs to climb above $120,000 to open a path towards $143,000. In simple terms, 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 in his framework.
He bases this on a chart using long-term pricing bands—the glowing curves built from chain averages that act like lanes on a highway. In the image you shared, the price is sitting below a key band around $120k; Above that, the next band is near $143K, which he considers as the next major waypoint. The point is not that the price should go there, but that once $ 120k is reclaimed, the model shows more open air up to the upper band around $ 143K.
Michael van de Poppe said The recent drop looks like a routine dip, not a broken trend, and he wants $112K to continue to hold as support before expecting another push higher. Put differently, he sees the move as a standard “Check the Floor” moment, not the start of a bigger slide.
He based it 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 to the ceiling, visually communicating his idea that the market may stabilize here and try again if $112K continues to hold.
Glass nodes said Many recent buyers are concentrated near $111,000, while heavier selling interest is sitting around $117,000. In everyday language, $111k is where bargain hunters often come in, and $117K is where profit often appears, creating a tug-of-war that defines the current range.
They based this on a cost-basis distribution view, which groups coins by the price they last moved to. The peaks in that distribution around $111k signal a lot of buyers there (a support area), and peaks near $117k signal a lot of potential sellers (an area where rallies may slow). The takeaway is that a clean move out of $111k-$117k could set the tone for the next bigger leg.
Technical Technical Assessments
The following is based on Coindesk Research’s technical analysis data model.
- October 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 trapped the move between $115,600-$116,200.
- October 28, 20:00 UTC: A second burst of activity pushed the price towards $112,500, where buyers responded and the slide slowed.
- October 29, 02:00 UTC Window: Over the 24 hours ending after, Bitcoin slipped about 1.2%, from $113,973 to $112,568, a swing of almost $3,930.
- 03:45 UTC, October 29 (time of writing): The price is close to $112,637, with a smaller candle often signaling 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; Losing $112.5K puts $111k back in play.
Analysis of the latest 24-hour and one-month charts from Coindesk data
24-hour view: The day looks 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 became smaller, which usually means the rush to buy or sell has cooled and traders are waiting for a fresh push.
One month view: latest trading sits within a $111k-$117K corridor. This explains why quick rallies often run near $117k and quick dips often find buyers near $111k. Until the price leaves this corridor, expect more back and forth. A solid move above $116K and then $120K would argue that the balance is shifting upwards; A clean break below $112.5K would test $111k and the strength of the floor.
Disclaimer: Parts of this article were generated with help from AI tools and reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see Coindesk’s full AI policy.
