Bitcoin Nears $80,800 Ahead of Federal Reserve Decision

Overview:

• Bitcoin hovers around USD 80,847 as investors look to the upcoming Federal Reserve announcement and discussions surrounding a potential December rate hike.

• As the broader market stays positive, Zcash, Hyperliquid, and Dogecoin take the lead among top-tier digital assets.

• Traders continue monitoring key support levels near USD 79,000 alongside resistance around USD 81,700.

On October 28, Bitcoin changes hands near USD 80,847 while market participants await the Fed’s upcoming decision. The preeminent cryptocurrency posted a 24-hour gain of 1.5%, bringing the USD 81,000 threshold into focus.

Meanwhile, Zcash and Hyperliquid outpace other major coins with advances of 7.6% and 4.8%, respectively, even as ongoing discussions about a December rate increase temper broader risk appetite.

Bitcoin Price Today

Data from CoinGecko shows Bitcoin trading at USD 80,847.26, marking a 1.5% increase over the past 24 hours. The asset commands a market valuation near USD 1.63 trillion, accompanied by a 24-hour trading volume of USD 23.71 billion.

Mudrex: Fed Hike Odds Shape Sentiment

Prateek Gupta, Head of Business at Mudrex, notes that Bitcoin is currently consolidating close to the USD 80,000 mark ahead of the Fed decision. Current market pricing reflects expectations that interest rates will be maintained between 3.75% and 4%, with an 82% implied probability assigned to a December hike. Gupta points out that a decisive push past USD 82,500 could generate upward momentum, with foundational support resting at USD 79,500.

Delta Exchange: Buyers Defend the Demand Zone

Riya Sehgal, a Research Analyst at Delta Exchange, observes that buyers have repeatedly stepped in to defend a demand zone between USD 79,200 and USD 79,600. Although Bitcoin mounted a brief recovery toward USD 81,000, the USD 81,000–USD 81,700 corridor continues to act as a firm technical hurdle. In parallel, Ethereum lags near USD 2,360, facing overhead resistance between USD 2,395 and USD 2,415.

Giottus: Caution Rules Before the Fed

Vikram Subburaj, CEO of Giottus.com, highlights that investor caution prevails as the Federal Reserve’s guidance for December is expected to dictate near-term risk sentiment. Immediate resistance is pegged between USD 80,900 and USD 81,000, with support situated around USD 79,000. Giottus recommends implementing staggered entry strategies and keeping position sizes measured prior to the official announcement.

Also Read: Over 55% of Bitcoin Supply Remains Unattributed, Galaxy Research Finds

WazirX: Equity Strength Supports the Rebound

Nischal Shetty, Founder of WazirX, attributes Bitcoin’s push above USD 80,000 to supportive equity markets and expectations of a Fed pause. Immediate support is established between USD 80,000 and USD 80,400, followed by a secondary cushion at USD 77,700–USD 78,000. Resistance persists in the USD 81,100 to USD 81,700 band, where higher trading volumes would lend greater validity to any breakout.

Crypto Prices Today: Top 12 Coins at a Glance

Biggest Gainers and Losers Today

Among the top dozen digital assets, Zcash emerged as the top performer with a 7.6% increase, followed by Hyperliquid up 4.8% and Dogecoin up 2.9%. While Tether and USDC remained unchanged, TRON and Figure Heloc recorded the most modest gains at 0.6% each.

Crypto News Today: Top Headlines Impacting Prices

Fed Decision Lands Today With Rate Hold Expected

The Federal Reserve is scheduled to release its monetary policy decision at 2:00 p.m. ET, with Chair Kevin Warsh delivering remarks at 2:30 p.m. ET. Market participants broadly anticipate that rates will be left unchanged at 3.75% to 4%, with only a minimal expectation of an immediate hike. Bitcoin is changing hands near USD 80,847 ahead of this verdict.

Beyond the anticipated rate hold, Warsh’s commentary regarding a potential December hike holds paramount importance. With the next policy meeting scheduled for December 8 and 9, forward-looking guidance carries substantial weight. Consequently, both Bitcoin and traditional equities could experience heightened volatility in response to any hawkish signals.

Bitcoin Options Expiry Adds Volatility Risk

A substantial volume of Bitcoin options contracts, valued in excess of USD 11 billion, is set to expire on Deribit this Friday. Because traders frequently adjust their positioning surrounding large options expiries, intraday trading ranges can stretch significantly. As a result, today’s Fed guidance is expected to heavily influence market positioning leading into the end of the week.

Bitcoin has maintained a relatively compressed trading range for nearly a month. A definitive breakout above USD 81,000 or a breakdown below USD 79,000 would likely break this prolonged consolidation pattern. Bulls must successfully reclaim the USD 82,000 mark to secure a more robust upward recovery.

Big Tech Earnings and GDP Test Risk Appetite

Major technology firms including Microsoft, Alphabet, Amazon, and Intel are scheduled to release their earnings this week, as lingering valuation concerns surrounding artificial intelligence continue to weigh on risk-on assets. Mudrex and WazirX note that while China’s STAR50 index dropped 4.8% and the Nasdaq climbed 1.18% on Tuesday, the cryptocurrency market has displayed notable resilience thus far.

Additionally, third-quarter Gross Domestic Product (GDP) metrics and Personal Consumption Expenditures (PCE) inflation figures are slated for release on Thursday, October 29. Stronger-than-expected economic growth could validate the Federal Reserve’s cautious stance, whereas softer data might alleviate concerns over future rate hikes and help sustain Bitcoin above USD 80,000. At the same time, elevated bond yields continue to constrain enthusiasm for a sustained crypto market recovery.

Bitcoin ETFs Snap Outflow Streak as Ether Funds Bleed

U.S. spot Bitcoin exchange-traded funds pulled in USD 110.34 million on Monday, successfully halting a two-session outflow streak that totaled USD 773.4 million. BlackRock’s IBIT accounted for the entirety of the day’s inflows, as none of the other eleven competing funds registered net positive flows.

Conversely, Ethereum ETFs suffered USD 88.58 million in net withdrawals on the same day, driven primarily by USD 104.71 million in outflows from BlackRock’s ETHA. Redemptions for the month of October have now surpassed USD 1.1 billion, marking the heaviest monthly outflow period observed this year. Ethereum is currently trading at USD 2,353.15, reflecting a 1.8% gain.

Strategy Skips Bitcoin Buys, Funds STRC Buybacks

According to its Monday filing with the U.S. Securities and Exchange Commission, Strategy did not purchase any additional Bitcoin over the previous week. Instead, the firm allocated USD 204.9 million toward repurchasing 2.07 million shares of its STRC preferred stock. Its total Bitcoin holdings remain steady at 848,517 BTC, acquired at a blended average cost basis of USD 75,446 per token.

These share buybacks reduced the company’s cash reserves by 46% down to USD 242.4 million. Since the beginning of October, Strategy has deployed approximately USD 664 million toward STRC repurchases, compared to just USD 72.3 million spent on Bitcoin acquisitions. Bitcoin continues to trade above the company’s average cost basis.

Also Read: South Korea Weighs Crypto Education Tax on Upbit & Bithumb

Investor and Market Outlook

With Bitcoin consolidating near USD 80,847 alongside established support at USD 79,000 and resistance near USD 81,700, today’s Federal Reserve outcome is poised to dictate the immediate market trajectory. Investors are advised to prioritize staggered entry strategies, measured position sizing, and minimal leverage.

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