Bitcoin Consolidates Ahead of Fed Decision; Clearing $120K Could Set Stage for $143K Rally, Analysts Say

Bitcoin Holds Near $113K Ahead of Fed Meeting; Break Above $120K Could Open Path to $143K

Bitcoin (BTC) hovered near $113,000 on Tuesday as traders awaited the outcome of the Federal Open Market Committee (FOMC) meeting and comments from Fed Chair Jerome Powell, with markets widely expecting another rate cut.

After briefly testing $116,094, BTC reversed lower, with buyers reemerging around $112,500 — a level that has repeatedly drawn demand during recent pullbacks.

Key Technical Levels and Analyst Views

Market analyst Ali Martinez said Bitcoin needs to reclaim $120,000 to confirm a breakout that could extend toward $143,000. He pointed to long-term on-chain pricing bands showing minimal resistance above $120K, suggesting a “clearer runway” if bulls can regain control.

“Once Bitcoin breaks above $120K, the probability of testing $143K increases substantially,” Martinez said.

Michaël van de Poppe described the latest decline as a “routine correction,” emphasizing that support near $112,000 remains intact. “It’s a healthy retest of the lower boundary of the range, not the start of a new downtrend,” he said, identifying resistance at $115,600–$116,200 as the next test for buyers.

On-Chain Data Shows Range-Bound Market

According to Glassnode, recent accumulation has clustered around $111,000, while profit-taking pressure builds near $117,000 — defining a tight trading range.

“The $111K–$117K corridor represents a key battleground between buyers and sellers,” Glassnode analysts wrote. “A decisive move outside this range, particularly above $120K, could dictate the next major phase of market momentum.”

Bitcoin remains up about 3% for the week, supported by expectations of a dovish Fed stance and broader risk appetite across financial markets.