Bitcoin Steadies Near $113K Ahead of Fed Decision; Analysts See $120K Break Opening Path Toward $143K
Bitcoin (BTC) traded around $113,000 on Tuesday as investors awaited the Federal Reserve’s policy decision later in the day, with most market participants expecting a rate cut but holding off on major positioning until confirmation from Chair Jerome Powell.
After briefly rising toward $116,094, Bitcoin reversed course in U.S. afternoon trading, with dip buyers stepping in around $112,500 — a key short-term support area that has consistently drawn bids over the past week.
Analysts Eye $120K as Next Breakout Threshold
Market strategist Ali Martinez said that Bitcoin must clear $120,000 to unlock a potential move toward $143,000, citing on-chain long-term pricing bands that indicate minimal resistance above that zone.
“Once Bitcoin closes decisively above $120K, the next major resistance cluster doesn’t appear until roughly $143K,” Martinez said, adding that price momentum tends to accelerate once it crosses that threshold.
Pullback Viewed as Healthy Reset
According to Michaël van de Poppe, the recent decline looks more like a standard retracement within an ongoing uptrend rather than the start of a deeper correction.
“This pullback is a natural retest of support — not a breakdown,” he said. “As long as Bitcoin holds the $112K area, the market structure remains bullish, with potential for another push toward $116K and beyond.”
Van de Poppe identified $112K as the critical floor and $115.6K–$116.2K as the near-term resistance zone traders should watch.
On-Chain Signals Show Tight Range
Data from Glassnode shows heavy accumulation near $111,000 — where many recent buyers entered — and elevated selling pressure near $117,000, suggesting a consolidation band that could define short-term market direction.
“The $111K–$117K range has become a key tug-of-war between buyers and sellers,” Glassnode wrote. “A clean break outside of this zone, particularly above $120K, could trigger the next sustained leg higher.”
Bitcoin remains up roughly 3% for the week, supported by expectations of a dovish Fed message and renewed risk appetite across equities and crypto assets.
