Bitcoin Steadies Near $113K as Traders Await Fed; Break Above $120K Could Pave Way to $143K
Bitcoin (BTC) hovered around $113,000 on Tuesday ahead of the Federal Open Market Committee (FOMC) policy decision, as traders positioned for potential volatility following Fed Chair Jerome Powell’s press conference later in the day.
Earlier in the session, BTC briefly climbed toward $116,094, but momentum faded and prices retreated to support near $112,500, where dip buyers stepped in once again. The pattern suggests consolidation rather than capitulation as markets brace for the Fed’s next move.
Analysts Focus on Key Levels
Market strategist Ali Martinez said Bitcoin must decisively reclaim $120,000 to confirm a renewed bullish leg toward $143,000. His analysis, based on long-term on-chain pricing bands, shows the $120K zone as a critical resistance threshold with little historical congestion above, potentially allowing for a faster move higher once cleared.
“Once BTC breaks $120K, the path toward $143K opens up technically, as there’s limited overhead supply,” Martinez said.
Meanwhile, Michaël van de Poppe described the recent pullback as a “standard dip within trend” rather than a signal of weakness. He identified $112,000 as the key short-term support to hold before expecting another attempt to retest resistance around $115,600–$116,200.
“This looks like a normal retest of support — not the start of a larger decline,” van de Poppe noted.
On-Chain Metrics Confirm Range
Data from Glassnode highlighted heavy buying activity near $111,000, contrasting with elevated selling pressure around $117,000. The firm’s cost-basis analysis indicates that recent buyers are concentrated near the lower end of that range, while profit-taking emerges closer to the upper band.
That dynamic has defined Bitcoin’s current short-term range. Analysts said a clean move beyond either boundary — particularly above $120,000 — would likely set the tone for the next directional move, potentially extending gains toward $143,000 if bullish momentum accelerates.
