Bitcoin Holds Near $80,000 as Market Focus Shifts to Federal Reserve

Bitcoin Holds Near $80,000 — Bitcoin traded near the $80,000 level on Monday as the cryptocurrency market’s attention turned to the upcoming Federal Reserve policy decision.

The price has tested and recovered from below $80,000 several times recently, though selling pressure has been evident. Spot Bitcoin ETFs recorded significant outflows last week, and a dip below the key level triggered substantial liquidations of long positions.

The primary near-term catalyst is the conclusion of the Fed’s two-day meeting on October 28. While market odds currently favor the central bank holding interest rates steady, traders are closely monitoring commentary for signals about a potential hike in December. Higher rates are generally seen as a headwind for risk assets like Bitcoin.

Geopolitical tensions and rising oil prices continue to feed into inflation concerns, which influence the Fed’s calculus. Meanwhile, U.S. stock indices gained ground Monday ahead of a busy week of Big Tech earnings reports.