2.6% Gain as $319M in Shorts Liquidated; Trump–Xi Meeting Ahead

Bitcoin traded around $114,501 at 23:35 UTC on Oct. 26, extending a clean break above $112,000 as short sellers bore most of the day’s liquidations and traders parsed fresh U.S.–China trade-talk posts ahead of this week’s FOMC meeting.

Breakout recap

CoinDesk Research’s technical analysis model observed a move from $111,453 to $113,572, led by a 09:00 UTC surge where volume jumped roughly 318% above the session average, carrying price through the $112,000 cap.

Follow-through added successive higher highs into midday before activity cooled, with price narrowing into a $113,550–$113,720 box. Attempts near $113,700–$113,733 faded, defining immediate resistance, while a shelf formed near $113,300.

Derivatives check

Over the last 24 hours, CoinGlass tallied $393.74 million in liquidations across venues, including $319.18 million from short positions and $74.45 million from longs. The largest single wipeout was a $19.04 million BTC-USD order on Hyperliquid.

In plain English: traders betting against the move were forced to exit far more than longs, a dynamic that can amplify upside once a key level breaks.

U.S.–China consultations

Between 12:29 and 12:36 UTC, the Chinese Embassy in the U.S. posted three updates on X describing “candid, in-depth and constructive” consultations in Kuala Lumpur between Vice Premier He Lifeng and U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer.

The posts listed working topics: Section 301 measures on China’s maritime, logistics and shipbuilding sectors; a possible extension of the suspension of reciprocal tariffs; fentanyl-related tariff and law enforcement cooperation; agricultural trade; and export controls. The embassy said the sides “reached basic consensuses” and would work out specifics through domestic processes.

A follow-on post quoted He Lifeng that stable U.S.–China trade serves both countries and called for dialogue on equal footing. It referenced implementing “important consensuses” reached by the two heads of state earlier this year, managing differences, and expanding mutually beneficial cooperation to promote trade ties to a “higher level.”

A third post said both sides agreed they will use the consultation mechanism, maintain close communication on respective concerns, and promote healthy, stable and sustainable development of bilateral economic and trade relations. The tone was process-oriented and forward-looking, signaling continued talks rather than specific policy outcomes.

Trump–Xi meeting

On Friday, CNBC reported the White House expects U.S. President Donald Trump to meet Chinese President Xi Jinping on Oct. 30 on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Summit, with the aim of dialing down tensions and seeking a trade deal. The report quoted Trump saying, “we are going to come out very well,” about the planned meeting.

Fed this week

The Fed’s two-day FOMC meeting concludes on Oct. 29, followed by Chair Jerome Powell’s news conference. Markets will watch for guidance on the path of rates and balance-sheet policy; for risk assets like crypto, the focus is whether the Fed cuts or holds, how it signals the trajectory from here and the tone Powell strikes.

What to watch next

If BTC closes above about $113,700–$114,000 and holds that area (UTC), traders will look to the $115,000–$116,000 band next. If BTC falls back below roughly $113,300 and stays there, a $111,000 retest becomes more likely; deeper weakness could revisit the $108,000 region that anchored the prior base.

Latest 24-hour and one-month chart read

As of 23:23–23:35 UTC on Oct. 26, BTC was $114,501 (about +2.6% over the period). On the 24-hour price chart, buyers stepped in on dips toward $113,000–$113,300 after the $112,000 break, while intraday pushes met supply near $114,700.

On theone-month chart (about $114,575), bitcoin has recovered from mid-October lows near $105,000 but remains below early-October highs around $125,500; a daily close north of around $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 assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.