Bitcoin Holds Near $113K Ahead of Fed Decision; Analysts Eye $120K Breakout as Gateway to $143K

Bitcoin steadied near $113,000 on Tuesday as traders awaited the outcome of the Federal Open Market Committee (FOMC) meeting, with Chair Jerome Powell’s press conference scheduled for 2:30 p.m. ET. Earlier in the session, BTC briefly climbed toward $116,094 before sellers faded the move, prompting renewed buying around $112,500.

Analysts Outline Key Levels

Market analyst Ali Martinez said Bitcoin must reclaim $120,000 to unlock the next upside target near $143,000. According to Martinez, the $120K zone marks a major resistance level with limited historical trading activity above it, meaning a clean break could allow for a faster advance toward the next structural band at $143K.

His analysis is derived from a long-term on-chain pricing band model, which identifies key accumulation and distribution zones. The chart shows BTC currently sitting below a key band at $120K, with the next upper band positioned near $143K — suggesting that clearing $120K could create technical “open air” for further gains.

Meanwhile, trader Michaël van de Poppe characterized the latest pullback as a routine correction rather than a breakdown, emphasizing that $112,000 remains the level to defend for bullish continuation. He views the current range between $112K support and $115.6K–$116.2K resistance as a consolidation zone where the market could base before attempting another leg higher.

“This looks more like a standard floor test than a trend reversal,” van de Poppe said, pointing to the setup as a possible springboard for renewed upside momentum if buyers continue to defend the $112K floor.

On-Chain Data Highlights Range Bound Behavior

According to data provider Glassnode, recent buying activity is heavily concentrated around $111,000, while selling pressure builds near $117,000. This distribution creates a near-term battleground between short-term buyers and profit-takers.

In simple terms, the $111K area has become a zone where value-oriented traders are accumulating, while $117K acts as a supply cap that’s repeatedly absorbed rallies. A decisive move beyond either boundary — particularly above $120K — could determine Bitcoin’s next major direction.