Bitcoin Magazine
Bitcoin Price Hovers Near $80,000 as Traders Await Fed Decision
On Monday, the price of Bitcoin hovered near the $80,000 mark following an earlier session decline of approximately 2%. In recent days, the cryptocurrency has dipped beneath this threshold multiple times, managing a recovery on each occasion.
Sell-side pressure continues to accumulate. On October 22, spot Bitcoin exchange-traded funds experienced roughly $635 million in outflows. Furthermore, a temporary slip below $80,000 last week forced about $800 million in liquidations for long positions, which are bets anticipating price increases.
The upcoming two-day Federal Reserve meeting, concluding on October 28, represents the next major hurdle for the market. The Fed previously lifted its target range to between 3.75% and 4% in September, with meeting minutes pointing to the possibility of another rate increase before the year concludes.
Current market probabilities mostly lean toward the central bank maintaining steady rates, though these expectations have fluctuated. Market participants are closely monitoring statements from Fed Chair Kevin Warsh for any indications of a December hike.
Typically, elevated interest rates draw capital away from volatile assets like cryptocurrency. Generally speaking, a rate pause could sustain the price of bitcoin within a $80,000 to $88,000 band, whereas a rate increase might drive values toward the lower boundary of that channel.
Bitcoin price backdrop
Markets are also contending with geopolitical friction. Crude oil climbed past $100 per barrel in early September amid escalating strikes between the United States and Iran. Elevated energy costs contribute to inflation, influencing upcoming decisions by the Fed.
Within the technology sector, Anthropic is reportedly preparing an initial public offering that could value the artificial intelligence enterprise close to $965 billion. Although the timeline has shifted toward the weeks leading up to the November midterm elections, an exact date remains unconfirmed.
U.S. equities edged higher on Monday as investors braced for a heavy slate of Big Tech financial reports alongside the central bank’s interest-rate verdict. The Nasdaq advanced 0.8%, the S&P 500 added 0.6%, and the Dow moved up 0.3%.
Microsoft and Alphabet are scheduled to report on Wednesday, with Amazon following on Thursday, while financial markets widely anticipate the Fed will leave rates unchanged.
Artificial intelligence equities experienced a boost following the IPO filing from Anthropic. Tesla shares surged 6%, and Meta announced plans to raise up to $95 billion dedicated to AI infrastructure.
At the time of writing, the price of bitcoin sits at $80,215, reflecting a monthly decrease of nearly $4,000, or 4.75%. Throughout the past month, valuations have fluctuated between a peak of $86,806.95 and a low of $79,397.76. After peaking above $86,000 during early October, the price retreated toward $80,000 in the second week of the month.
A brief upward surge around October 21 drove the asset back near $84,000, though those profits evaporated within days. Over the preceding 24 hours, trading volume totaled approximately $18.12 billion.
Bitcoin trades well below its all-time high watermark of $126,277.05.
What is the current price of Bitcoin?
Bitcoin trades at $80,215, hovering near the $80,000 level.
When is the next Federal Reserve meeting?
The Federal Reserve’s two-day meeting concludes on October 28.
What caused recent liquidations in the crypto market?
A brief drop below $80,000 last week triggered roughly $800 million in liquidations of long positions.
What was Bitcoin’s all-time high?
Bitcoin’s all-time high is $126,277.05.
