Bitcoin Price Stalls at 50-Day Average Ahead of Fed Decision
Bitcoin price gains faded on Wednesday after BTC failed to break above its 50-day simple moving average near $81,831. Bitcoin briefly reached about $81,687 before retreating to $80,297, down roughly 0.3% at the time of the reports. A sustained drop below $80,565 could make another test of the 50-day average less likely.
Traders were awaiting the Federal Reserve’s rate decision and Chair Kevin Warsh’s comments. CME FedWatch put the probability of rates staying at 3.75%-4% at 90.6%. US technology earnings and the Nov. 3 midterm elections were also potential market catalysts, while Fed commentary could influence expectations for a December rate move.
Glassnode data showed buy orders near $80,000 had thinned to about $3.4 million, compared with roughly $42 million in bids between $78,000 and $79,000. That lower range may provide support if Bitcoin price weakens further. For traders, the failed breakout leaves BTC vulnerable to Fed-driven volatility, with the $80,565 level and the $78,000-$79,000 bid zone in focus.
Bearish
The near-term signal is modestly bearish for BTC: price failed to clear the 50-day moving average, and bids around $80,000 have thinned, leaving less visible support near the current price. A sustained move below $80,565 could weaken the chance of a rebound toward the moving average, while the $78,000-$79,000 zone is the next notable order-book support. The Fed decision and Chair Warsh’s comments could add volatility; hawkish signals may increase pressure on BTC, while dovish signals could help buyers challenge resistance again. Over the longer term, these technical levels and a single policy event do not determine the trend, and the larger bid concentration below may attract buyers if tested. The classification reflects short-term downside risk rather than a definitive long-term bearish outlook.