Bitcoin Magazine Bitcoin Price Hovers Near $80,000 as Traders Await Fed Decision
Bitcoin price traded near $80,000 on Monday, after falling about 2% earlier in the session. The price has dipped below that level several times in recent days and recovered each time.
Selling pressure has been building. Spot Bitcoin ETFs recorded about $635 million in outflows on October 22. A brief drop below $80,000 last week also triggered roughly $800 million in liquidations of long positions, or bets that prices would rise.
The next major test to look out for is the Federal Reserve’s two-day meeting, which ends October 28. The Fed raised its target range to 3.75% to 4% in September, and its minutes suggested another increase could come by year-end.
Most recent market odds favor the Fed holding rates steady, though those odds have shifted. Traders are watching Fed Chair Kevin Warsh’s remarks for signs of a December hike.
Source: Bitcoin Magazine
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