Bitcoin Dip Looks Standard Pre-FOMC and $120K Would Open Path to $143K, Analysts Say

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin Dip Looks Standard Pre-FOMC and $120K Would Open Path to $143K, Analysts Say After a quick jump toward $116,094 faded, buyers showed up near $112,500 while analysts watched $120,000 as the level that could clear the way toward $143,000. By Siamak Masnavi , CD Analytics Updated Oct 29, 2025, 4:55 a.m. Published Oct 29, 2025, 4:38 a.m. Bitcoin holds above $112K as traders eye the $116K–$120K ceiling. (Midjourney / Modified by CoinDesk) What to know : Price rebounded near $112,500 after sellers blocked a move around $116,000, leaving bitcoin near $112,637 at 03:45 UTC on Oct. 29. Many recent buyers sit near $111,000 while more people are looking to sell near $117,000, which helps explain the current back-and-forth. Some analysts say holding $112K keeps the uptrend intact and that climbing over $120K could open room toward $143K on their models. Bitcoin hovered near $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 Chair Jerome Powell’s press conference at 2:30 p.m. ET. Analyst comments Ali Martinez says bitcoin needs to climb over $120,000 to open a path toward $143,000. In simple terms, he’s arguing that once price clears $120K, there’s less historical “traffic” above, so an advance to the next landmark around $143K becomes more likely on his framework. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . He bases this on a chart using long-term pricing bands—smooth curves built from on-chain averages that act like lanes on a motorway. In the image you shared, price sits below a key band around $120K; above that, the next band is near $143K, which he treats as the next major waypoint. The point is not that price must go there, but that once $120K is reclaimed, the model shows more open air until the upper band around $143K. Michaël van de Poppe says the recent drop looks like a routine dip, not a broken trend, and he wants $112K to keep holding as support before expecting another push higher. Put differently, he sees the move down as a standard “check the floor” moment, not the start of a bigger slide. He bases this 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 toward the ceiling, which visually communicates his idea that the market can stabilize here and try higher again if $112K continues to hold. Glassnode says many recent buyers are concentrated near $111,000, while heavier selling interest sits around $117,000. In everyday language, $111K is where bargain hunters often step in, and $117K is where profit-taking often shows up, creating a tug-of-war that defines the current range. They base this on a cost-basis distribution view, which groups coins by the price where they last moved. Peaks in that distribution around $111K signal lots of buyers there (a supportive area), and peaks near $117K signal lots of potential sellers (an area that can slow rallies). The takeaway is that a clean move outside $111K–$117K could set the tone for the next larger 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 8,268), lifting price to the day’s high near $116,094 before sellers capped the move between $115,600–$116,200. Oct. 28, 20:00 UTC: A second burst of activity pressed price toward $112,500, where buyers responded and the slide slowed. Oct. 29, 02:00 UTC window: Over the 24 hours ending then, bitcoin slipped about 1.2%, from $113,973 to $112,568, a swing of roughly $3,930. 03:45 UTC, Oct. 29 (time of writing): Price was near $112,637, with smaller candles that often signal 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; a loss of $112.5K puts $111K back in play. Analysis of latest 24-hour and one-month charts from CoinDesk Data 24-hour view: The day looked 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 got smaller, which usually means the rush to buy or sell cooled and traders are waiting for a fresh push. BTC-USD 24-Hour Price Chart (CoinDesk Data) One-month view: Most recent trading sits inside a $111K–$117K corridor. That explains why quick rallies often stall near $117K and quick dips often find buyers near $111K. Until price leaves this corridor, expect more back-and-forth. A firm move above $116K and then $120K would argue the balance is shifting upward; a clean drop below $112.5K would test $111K and the strength of the floor. BTC-USD One-Month Price Chart (CoinDesk Data) Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards . For more information, see CoinDesk's full AI Policy . AI Market Insights Bitcoin btc FOMC Technical Analysis More For You OwlTing: Stablecoin Infrastructure for the Future By CoinDesk Research Oct 16, 2025 Commissioned by OwlTing Stablecoin payment volumes have grown to $19.4B year-to-date in 2025. OwlTing aims to capture this market by developing payment infrastructure that processes transactions in seconds for fractions of a cent. View Full Report More For You XRP Trades Higher on Big Flows, Yet Technical Setup Signals Caution By Shaurya Malwa , CD Analytics 4 minutes ago Traders should watch for XRP to maintain support around $2.60-$2.63, as a sustained rise above $2.65 could shift the bias bullish. What to know : XRP rose 0.60% to $2.623 as trading volume increased by 47% above its seven-day average, signaling heightened institutional interest. Despite bullish patterns, XRP faces resistance near $2.68, with momentum indicators suggesting possible short-term consolidation. Traders should watch for XRP to maintain support around $2.60-$2.63, as a sustained rise above $2.65 could shift the bias bullish. 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