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Bitcoin Rebounds Above $112K as $319M in Shorts Liquidated; Traders Track U.S.–China Talks Ahead of Fed Meeting
Bitcoin rallied sharply over the weekend, clearing the $112,000 threshold on strong volume before consolidating near $114,500 late Sunday (UTC). Data from CoinGlass showed $319 million in short positions were liquidated within 24 hours as sellers were caught offside.
At 23:35 UTC on Oct. 26, Bitcoin traded around $114,501, extending its clean break above resistance at $112,000. The move came as traders digested fresh updates from ongoing U.S.–China trade consultations and positioned ahead of this week’s Federal Open Market Committee (FOMC) meeting.
Breakout Recap
CoinDesk Research’s technical model recorded a move from $111,453 to $113,572, driven by a 318% surge in trading volume around 09:00 UTC, which propelled BTC decisively through the $112,000 barrier.
Momentum carried into midday, printing a series of higher highs before cooling into a narrow range between $113,550 and $113,720. Attempts to breach $113,700–$113,733 met resistance, while a short-term support shelf formed around $113,300.
Derivatives Landscape
Across exchanges, CoinGlass reported $393.74 million in total liquidations over the past 24 hours, comprising $319.18 million from shorts and $74.45 million from longs.
The single largest liquidation was a $19.04 million BTC-USD order on Hyperliquid.
In short, traders betting against the rally were squeezed out significantly more than longs — a dynamic that often accelerates upside momentum once key resistance levels break.
U.S.–China Consultations
Between 12:29 and 12:36 UTC, the Chinese Embassy in the U.S. posted a series of updates on X (formerly Twitter) summarizing “candid, in-depth and constructive” talks in Kuala Lumpur between Vice Premier He Lifeng, U.S. Treasury Secretary Scott Bessent, and U.S. Trade Representative Jamieson Greer.
The statements outlined working-level discussions covering:
- Section 301 measures affecting China’s maritime, logistics, and shipbuilding sectors,
- A potential extension of reciprocal tariff suspensions,
- Fentanyl-related trade and law enforcement cooperation,
- Agricultural trade, and
- Export controls.
The embassy said both sides “reached basic consensuses” and would refine details through domestic processes.
A follow-up post quoted He Lifeng emphasizing that stable U.S.–China trade “serves both countries,” calling for dialogue on equal footing and urging the implementation of “important consensuses” agreed upon by the two heads of state earlier this year.
A third update noted both sides will maintain close communication, continue consultations, and promote the healthy, stable and sustainable development of bilateral economic ties — signaling ongoing process rather than immediate policy results.
Trump–Xi Meeting in Focus
On Friday, CNBC reported that the White House expects President Donald Trump to meet President Xi Jinping on Oct. 30 during the APEC Summit, aiming to ease tensions and pursue a trade agreement. Trump was quoted saying, “We are going to come out very well,” referring to the planned discussions.
Fed Outlook
The Federal Reserve’s two-day FOMC meeting concludes on Oct. 29, followed by Chair Jerome Powell’s press conference. Markets will watch for cues on interest rate policy, balance sheet strategy, and Powell’s tone — with risk assets such as crypto sensitive to any signal of a rate cut or dovish pivot.
