Bitcoin traded just under $80,000 on October 27, dipping to about $79,700 intraday, as the Federal Reserve began a two-day meeting. The decision is due on Wednesday, October 28, and CME FedWatch data cited by ChainThink put the chance of a hold near 90%. CoinDesk noted that bitcoin slipped under its 50-day average, with analysts naming $80,000 as key support and $75,000 and $73,000 as the next levels if it breaks.
Options traders lean defensive. The most actively traded bitcoin option over the previous 24 hours was a $72,000 put expiring December 25, and the 25-delta put/call skew stayed positive across maturities. Derive pricing implies about a 3% move either way by Friday’s expiry.
The longer-term picture is mixed. CryptoQuant says coins unmoved for 18 months or more held 26.59% of realized cap, down from 26.98% in mid-September, a pattern that has preceded past rallies, and it calls the market an early-stage bull cycle. Galaxy Digital argues the bear market ended in June and says a sustained drop below $76,540 would undermine that view. Strategy bought no bitcoin last week and spent $204.9 million on preferred stock buybacks, while Strive added 6,182 BTC.
Spot bitcoin ETFs took in $110.3 million on Monday, all through BlackRock’s IBIT, after $773.5 million of outflows on Thursday and Friday, CoinGape reported. Crypto also lagged a rally in Asian tech stocks. CoinGape lists resistance at $80,000, $83,400 and $87,400. This is news, not investment advice.
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Sources:
- CoinDesk: Bitcoin shows signs of weakness while Ripple’s bank win fails to bolster XRP
- CoinDesk: Live news, Bitcoin dips below $80,000 as stocks rally following Anthropic IPO filing
- Cointelegraph: Analysis sees new Bitcoin bull market as older coins’ realized cap share drops
- KuCoin News (ChainThink): Bitcoin falls below $80,000 ahead of Fed decision, put options remain dominant
- CoinGape: FOMC decision tomorrow, will Bitcoin and Ethereum price rally
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