Bitcoin Stalls Near $81K as Traders Wait for Fed Decision

Bitcoin couldn't hold onto its early gains this week as nervous traders waited for a big announcement from the US Federal Reserve (America's central bank, which controls interest rates).

Bitcoin (BTC) — the world's largest cryptocurrency — tried to climb above $81,700 but was quickly pushed back down, falling as low as $80,297. At the time of writing it was down about 0.3% on the day.

Why did Bitcoin stall? Investors were focused on the Federal Reserve's meeting, known as the FOMC (Federal Open Market Committee — the group that decides whether to raise, lower, or keep interest rates the same). Lower rates usually help risky assets like crypto, while higher rates tend to hurt them.

Here are the key numbers:

• 90.6% chance the Fed keeps rates unchanged at 3.75%–4% this week
• A possible 0.25% rate hike (increase) expected at the December meeting
• The $81,831 level (the 50-day average price) acted as a ceiling, blocking Bitcoin from rising

Analysts pointed out that markets had already "priced in" (expected and prepared for) no rate change, but they hadn't factored in the upcoming US midterm elections on Nov. 3, which could shake things up.

Where might Bitcoin find support? Analytics firm Glassnode studied the "order book" (a list of buy and sell orders on exchanges). They found that big buyers are now waiting around the $78,000–$79,000 zone, where about $42 million in buy orders are stacked up — the first place buyers are likely to step in if prices keep dropping.

Meanwhile, stock markets were mixed. The Nasdaq (a US stock index heavy on tech companies) stayed flat, while South Korea's KOSPI index jumped 6.6%. Experts say this week's tech company earnings reports could also sway whether investors feel confident about the broader market.

The bottom line: Bitcoin is in a waiting game. A drop below $80,565 would make another climb toward $81,831 less likely in the short term, and all eyes are on the Fed and tech earnings for the next big move.

This is an AI-generated summary. Read the original article at: https://cointelegraph.com/markets/market-update?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound