Bitcoin hovered around $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 Chairman Jerome Powell’s press conference at 2:30 pm ET.
Analyst Comments
Ali Martínez says bitcoin needs to break above $120,000 to make a path to $143,000. In simple terms, he maintains that once the price rises above $120,000, there is less historical “traffic” above it, so a move to the next benchmark around $143,000 becomes more likely in his framework.
You base it on a chart that uses long-term price bands: smooth curves built from chain averages that act like lanes on a highway. In the image he shared, the price sits below a key band of around $120,000; Above that, the next band is near $143,000, which he sees as the next major benchmark. The point is not that the price needs to get there, but that once $120,000 is recovered, the model shows more air until the upper band of around $143,000.
Michaël van de Poppe says the recent drop looks like a routine drop, not a broken trend, and wants $112,000 to continue holding as support before expecting another push higher. Put another way, view the move down as a standard “check the floor” moment, not the start of a larger slide.
He bases this on a medium-term price chart with two clear zones: a floor near $112k and a ceiling around $115.6k – $116.2k. His chart draws a bouncing path from the floor to the ceiling, visually communicating his idea that the market may stabilize here and attempt to rise again if $112,000 continues to hold.
Glassnode says many recent buyers are focused around $111,000, while the most selling interest is around $117,000. In everyday parlance, $111,000 is where bargain hunters often intervene, 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 at. Peaks in that distribution around $111,000 indicate that there are many buyers there (an area of support), and peaks near $117,000 indicate that there are many potential sellers (an area that may slow rallies). The bottom line is that a clean move out of $111,000-$117,000 could set the tone for the next larger leg.
Technical Analysis Highlights
The following is based on CoinDesk Research’s technical analysis data model.
- October 28, 14:00 UTC: Trade 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 capped the move between $115,600 and $116,200.
- October 28, 20:00 UTC: A second burst of activity pushed the price towards $112,500, where buyers responded and the decline slowed.
- October 29, 02:00 UTC window: Over the 24 hours ending on that date, bitcoin fell about 1.2%, from $113,973 to $112,568, a swing of about $3,930.
- 03:45 UTC, October 29 (at the time of writing): The price was near $112,637, with smaller candles often indicating a pause.
- Levels to watch: Support at $112,500, then $111,000; resistance between $115,600 and $116,200. A push through $116,000 opens between $119,000 and $120,000; a loss of $112,500 puts $111,000 back into play.
Analysis of the latest 24-hour and one-month charts from CoinDesk Data
24-hour view: The day seemed like a bounce between the ceiling and the floor. The price rose to $116,000, retreated and then found support near $112,500. After that, the candles became smaller, which usually means that the rush to buy or sell cooled and traders are waiting for new momentum.
One-month view: The most recent trades are within a corridor of between $111,000 and $117,000. That explains why quick rallies often stall near $117,000 and quick declines often find buyers near $111,000. Until the price leaves this corridor, more swings are expected. A firm move above $116,000 and then $120,000 would argue that the scales are shifting upwards; A clean drop below $112,500 would test $111,000 and the strength of the floor.
Disclaimer: Portions of this article were generated with the help of artificial intelligence tools and were reviewed by our editorial team to ensure accuracy and compliance. our standards. For more information, see CoinDesk’s full AI policy.
