Bitcoin’s Latest Dip Seen as Typical Pre-Fed Pause, With $120K Breakout Eyeing $143K Next

Bitcoin Holds Near $113K Ahead of Fed Meeting; Analysts See $120K Breakout Opening Path Toward $143K

Bitcoin (BTC) traded around $113,000 on Tuesday as investors awaited the outcome of the Federal Reserve’s policy meeting, with Chair Jerome Powell’s remarks expected to shape near-term direction for risk assets.

The largest cryptocurrency briefly tested $116,094 before sellers drove prices lower in U.S. afternoon trading. Buyers quickly re-emerged near $112,500, a key level that has repeatedly acted as support during recent sessions.

Analysts Flag $120K as the Level to Watch

Market analyst Ali Martinez said that a decisive move above $120,000 could open the door to a rally toward $143,000, based on long-term on-chain pricing bands that show limited resistance above the $120K zone.

“Once Bitcoin breaks through $120K, the path toward $143K becomes considerably clearer on the model,” Martinez explained, noting that past breakouts above major on-chain thresholds have often triggered rapid follow-through.

Pullback Seen as Routine Before Next Leg Higher

According to Michaël van de Poppe, Bitcoin’s recent decline looks like a “routine retest” rather than the start of a trend reversal.

“The move down to $112K is a healthy reset,” he said. “As long as this level holds, the broader uptrend remains intact, with potential for another push toward $116K and higher.”

Van de Poppe highlighted $112K as short-term support and $115.6K–$116.2K as resistance — a range that has framed price action through the week.

On-Chain Data Shows Tight Battle Between Bulls and Bears

Analytics firm Glassnode reported that most recent buyers entered around $111,000, while selling activity clusters near $117,000, forming a tight trading corridor.

“This $111K–$117K range has become the market’s equilibrium zone,” Glassnode said. “A sustained break outside it — especially above $120K — could mark the start of the next expansion phase.”

Despite the pullback, Bitcoin remains up about 3% for the week, supported by expectations that the Fed will signal a more accommodative policy stance.

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