Bitcoin Falls Below $80,000 Ahead of Fed Decision
Bitcoin fell below $80,000 over the weekend as Middle East tensions and outflows from spot Bitcoin ETFs weighed on prices and triggered liquidations of leveraged long positions. QCP Capital identifies $78,000 as key support and $86,000 as resistance. Bitcoin traders are watching the Federal Reserve meeting on 27–28 October and earnings from Microsoft, Alphabet and Amazon for fresh market signals. Markets broadly expect the Fed to hold rates steady, but the probability of a December rate hike is near 84%. QCP also cites Ethereum support at $2,150 and resistance at $2,500; spot Ethereum ETFs have recorded four consecutive weeks of net outflows.
Bearish
The immediate signals lean bearish: Bitcoin has broken below $80,000, leveraged long positions have been liquidated, and spot Bitcoin ETFs have seen outflows. QCP Capital’s $78,000 support level is therefore a key near-term area to watch; a sustained break below it could prompt further selling, while a rebound toward $86,000 would indicate buyers are regaining control. Ethereum also faces pressure after four consecutive weeks of spot ETF net outflows. The Fed meeting and major technology earnings add event risk. A steady policy decision may already be largely priced in, but the reported 84% probability of a December rate hike could weigh on risk assets if reinforced by Fed commentary or market repricing. Conversely, strong technology earnings—especially evidence that AI spending is generating returns—could improve broader risk appetite and help crypto recover. Similar event-driven sell-offs have often produced sharp volatility around policy announcements and ETF-flow data, rather than a lasting trend by themselves. In the short term, traders may respond to support tests, liquidation activity and rate expectations. Over the longer term, the direction will depend more on sustained ETF flows, monetary conditions and broader risk appetite; this report alone does not establish a durable downtrend.