Bitcoin price remains stuck in a tight trading range as investors wait for two major events this week. The cryptocurrency has recovered 13% since its October 10 sell-off but faces strong resistance at $116,000.
The Federal Reserve will announce its interest rate decision on Wednesday. Most traders expect a 25 basis point cut to the benchmark rate. Bitcoin price currently trades near $112,637 after a failed attempt to break through $116,000 earlier this week.
Order book data from Binance and Coinbase shows heavy selling pressure above $116,000. Futures traders on Binance have placed large sell orders between $117,000 and $118,000. This wall of asks has blocked multiple attempts to push higher.
Short liquidations reached $49.83 million in the past 12 hours as price approached the resistance level. However, sellers keep capping rallies before bulls can establish a foothold above $116,000.
Data from Hyblock reveals an interesting split in market behavior. Large investors with order sizes between 1 million and 10 million are selling when price rises. Meanwhile, retail investors with smaller orders between 1,000 and 10,000 are buying dips.
This pattern has created a ping-pong effect between $110,000 support and $116,000 resistance. The aggregate orderbook shows more sellers than buyers at current levels. Short positions at Binance have also increased recently.
Global exchange open interest recovered to $31.48 billion from its October 11 low of $28.11 billion. But this remains well below the $40.39 billion seen when Bitcoin traded at $124,600.
Spot Bitcoin ETF inflows show positive momentum. The last three trading sessions brought $260.23 million in net flows. October 21 saw a large $477 million inflow shortly after price fell below $108,000.
On October 28, Bitcoin spot ETFs recorded a total net inflow of $202 million, marking four third consecutive day of inflows. Ethereum spot ETFs saw a total net inflow of $246 million, with Fidelity's FETH leading at a net inflow of $99.271 million. https://t.co/SF4brkl9iI pic.twitter.com/dsVHSFnYOh
— Wu Blockchain (@WuBlockchain) October 29, 2025
Analyst Ali Martinez says Bitcoin needs to climb above $120,000 to open a path toward $143,000. His analysis uses long-term pricing bands built from on-chain averages. Once price clears $120,000, less resistance exists until the next band around $143,000.
Bitcoin $BTC needs to break above $120,000 to open the path toward a new all-time high of $143,000, according to the Pricing Bands. pic.twitter.com/hFuFKQ7OIF
— Ali (@ali_charts) October 28, 2025
Michael van de Poppe views the recent drop as routine pre-FOMC price action. He wants $112,000 to hold as support before expecting another push higher. He sees this as a normal dip rather than a trend reversal.
Glassnode data shows many recent buyers concentrated near $111,000. Heavier selling interest sits around $117,000. This concentration creates the current tug-of-war between buyers and sellers.
Trading volume spiked to 22,844 Bitcoin on October 28 at 14:00 UTC. That represents 174% of the 24-hour average. Price reached the daily high near $116,094 before sellers pushed it back down.
Some investors are reducing risk exposure ahead of Wednesday’s Federal Open Market Committee meeting. Traders often adjust positions before Fed announcements. This behavior has become common in crypto markets.
The US-China trade summit on Thursday adds another layer of uncertainty. President Donald Trump will meet with Chinese President Xi Jinping. Market reaction to any trade deal could impact both equities and crypto.
A cluster of leveraged long positions sits between $112,000 and $113,000. These positions face liquidation risk if price drops. Support at $112,500 has held so far with buyers stepping in at that level.
Price slipped about 1.2% over 24 hours from $113,973 to $112,568. Recent candles have gotten smaller, which often signals traders are pausing and waiting. Current resistance stands at $115,600 to $116,200 with support at $112,500.
Most trading over the past month has occurred inside a $111,000 to $117,000 corridor. Until price breaks out of this range, more back-and-forth movement is likely. A firm move above $116,000 would target $119,000 to $120,000 next.
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