Bitcoin trades near $79,000 as Fed rate uncertainty, selling pressure weigh on crypto markets
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Getty ImagesBitcoin and major cryptocurrencies declined amid Fed uncertainty and ETF outflows, with investors watching key support levels, inflation data and institutional flows for market signals.
In the past 24 hours, Bitcoin and Ethereum were down 1.09% each. Among other major altcoins, BNB, Solana, Tron, Dogecoin and Cardano corrected upto 1.72% whereas XRP and Hyperliquid gained upto 1%.
Vikram Subburaj, CEO, Giottus, said uncertainty over the Fed’s policy outlook and renewed selling pressure are weighing on sentiment. US spot Bitcoin ETFs recorded $635.6 million in net outflows on October 22, followed by another $137.9 million on October 23 and these withdrawals have weakened the earlier recovery in institutional demand and added to market caution.
Investors should avoid trying to catch a falling market. Consider staggered entries, maintain measured position sizes and monitor Bitcoin’s $78,000 support, ETF flows and the Fed’s guidance before increasing exposure, he further said.
The global crypto market capitalisation went down 0.67% to $2.67 trillion, according to the data on Coinmarket cap. Bears continue to hold a tight grip over the market as Bitcoin is failing to reclaim levels above $80,000, said CoinDCX Research Team.
Over the last week, Bitcoin was down 2.16% and Ethereum was down 3.11%. Among the major altcoins, Solana, Dogecoin, Hyperliquid and Cardano corrected upto 5.80% whereas BNB and XRP gained upto 1.14%.
Nischal Shetty, Founder, WazirX said Crypto markets moved higher as improving equity sentiment and expectations of a Federal Reserve pause helped offset pressure from elevated yields, a stronger dollar and expensive energy.
Shetty further said that ETF flows remain important, but profit-taking, exchange supply, macro conditions and technical resistance can delay or offset their immediate effect on prices.
Market perspective
CoinSwitch Markets Desk: BTC continues to trade around $80K as investors assess a busy week of economic events. The upcoming Fed meeting, US inflation figures and earnings from major technology companies will be key drivers of market sentiment.
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Prateek Gupta, Head of Business, Mudrex: Bitcoin continues to hover around $80,000 as weakness in AI-linked tech stocks weighed on crypto sentiment. Along with Wednesday’s FOMC meeting, the US midterm elections remain key catalysts for price action. Support has now moved to $78,500, with resistance standing at $81,000.
Avinash Shekhar, Co-Founder & CEO, Pi42: Bitcoin is holding close to $80,000 after a period of sustained selling, and there are early signs that the market may be approaching a stabilisation phase. For investors, the next phase is about distinguishing price stabilisation from a genuine trend reversal. Reclaiming $82,000 and sustaining that level would be an encouraging signal, particularly if accompanied by stronger spot-market demand.
Riya Sehgal, Research Analyst, Delta Exchange: Crypto markets remain under pressure as Bitcoin trades around the $80,000 mark and Ethereum near $2,300, with the broader structure still tilted bearish ahead of the Federal Reserve decision.