Bitcoin's Next Move Hinges on One Date: The Fed's October 28 Decision

Bitcoin opened October near $87,000, just shy of its September high. Then, on October 14, one data release changed the mood.

US inflation for September came in at 3.7%, against a forecast of 3.6%. Core inflation also beat expectations. Within minutes, Bitcoin slid from about $83,800 to $82,800, and over $220 million in positions were liquidated in a single day.

The Fed already raised rates in September to 3.75%-4.00%. Now the question is whether it will hike again on October 28. After the inflation print, hike odds jumped to roughly 50%, while some banks still expect a hold.

Here's the twist: September's PCE inflation data, the Fed's preferred gauge, won't be released until October 29, one day after the decision. The Fed has to decide without it.

Levels traders are watching:

Support: $81,300, then $80,365

Resistance: $84,245, then $87,422

Meanwhile, institutions are still buying. US spot Bitcoin ETFs took in $2.65 billion in net inflows in September.

So the question is: will "Uptober" survive the Fed?

This is educational content, not financial advice. Do your own research.

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