Bitcoin Pre-FOMC Dip Tests $112K Support, Eyes $120K Breakout
Bitcoin price dipped ahead of the Fed’s FOMC meeting, finding support at $112,000 amid typical pre-announcement volatility. Short-term resistance lies between $115,600 and $116,200, while a key technical barrier at $120,000—identified by analyst Ali Martinez—could pave the way toward $143,000 on a successful breakout. On-chain analytics from Glassnode show accumulation near $111,000 and selling pressure around $117,000, compressing trading into a $111K–$117K range. Traders will watch if Bitcoin holds above $112,000 and clears $120,000 to confirm bullish momentum and shape the next directional trend.
Bullish
This update highlights Bitcoin’s successful defense of its $112,000 support amid pre-FOMC volatility, while on-chain data confirms accumulation around $111K and resistance near $117K. A decisive breakout above the $120,000 technical threshold would remove key supply barriers and likely trigger a rally toward the $143,000 zone. In the short term, traders should monitor how price reacts to support, resistance, and the Fed’s decision. In the medium term, surpassing $120K shifts the bias toward bullish, indicating upside potential. Therefore, the overall news points to a bullish market outlook for Bitcoin.