Bitcoin traded around $114,501 at 23:35 UTC on October 26, making a clear break above $112,000, as short sellers endured most of the day’s liquidations and traders parsed the fresh US-China trade-talk post this week’s FOMC meeting.
breakout recap
CoinDesk Research’s technical analysis model sees a rise from $111,453 to $113,572, leading to a surge at 09:00 UTC, where volume jumped nearly 318% above the session’s average, pushing the price into the $112,000 range.
The follow-through added consecutive higher highs in the afternoon before activity calmed down, driving the price down to the $113,550-$113,720 box. Attempts near $113,700-$113,733 faded, which defines immediate resistance, while a shelf formed near $113,300.
check derivatives
Over the last 24 hours, CoinGlass liquidated $393.74 million across venues, including $319.18 million from short positions and $74.45 million from long positions. The largest single wipeout was a $19.04 million BTC-USD order on Hyperliquid.
In plain English: Traders who had bet against the move were forced to exit far more than longs, a dynamic that can escalate sharply after a key level is broken.
US-China consultation
Between 12:29 and 12:36 UTC, the Chinese Embassy in the US posted three updates on Twitter, describing “candid, thorough and constructive” consultations between Vice Premier He Lifeng in Kuala Lumpur and US Treasury Secretary Scott Bessant and US Trade Representative Jamieson Greer.
The working topics listed in the post are: Section 301 measures on China’s maritime, logistics and shipbuilding sectors; possible extension of the suspension of reciprocal tariffs; fentanyl-related tariffs and law enforcement cooperation; agricultural trade; and export controls. The embassy said the two sides “have reached basic agreement” and will work out the specifics through domestic processes.
In a follow-on post, He Lifeng was quoted as saying that stable US-China trade is beneficial to both countries and called for dialogue on an equal footing. It referred to implementing “important consensuses” reached between the two heads of state earlier this year, managing differences and expanding mutually beneficial cooperation to promote trade relations to a “higher level”.
A third post said the two sides agreed that they would utilize the consultation mechanism, maintain close communication on related concerns and promote the healthy, stable and sustainable development of bilateral economic and trade relations. The tone was process-oriented and forward-looking, indicating continued dialogue rather than specific policy outcomes.
Trump-Xi meeting
On Friday, CNBC reported that the White House expects US President Donald Trump to meet with Chinese President Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit on October 30, aimed at reducing tensions and striking a trade deal. “We’re going to come along very well,” the report quoted Trump as saying about the planned meeting.
Fed this week
The Fed’s two-day FOMC meeting will conclude on October 29, followed by a news conference from Chairman Jerome Powell. Markets will wait for guidance on rates and balance-sheet policy path; For risk assets like crypto, the focus is on whether the Fed cuts or holds, how it signals the trajectory from here and what tone Powell strikes.
what to look forward to
If BTC closes above around $113,700-$114,000 and holds that area (UTC), traders will next focus on the $115,000-$116,000 band. If BTC drops below around $113,300 and stays there, a retest of $111,000 becomes more likely; Deep weakness could resurface into the $108,000 area that supported the previous base.
Read the latest 24 hour and one month charts
As of 23:23–23:35 UTC on October 26, BTC was at $114,501 (+2.6% approximately over this period). On the 24-hour price chart, buyers dropped towards $113,000-$113,300 after breaking $112,000, while an intraday push met supply near $114,700.
On the one-month chart (about $114,575), Bitcoin has recovered from the mid-October low of $105,000, but remains below the early October high of $125,500; A daily close north of $116,000 would strengthen the case for another test of the $120,000-$125,000 band.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance Our standards. For more information see CoinDesk’s full AI policy.