#Bitcoin steadies near $80,400 after weekend selloff, Fed decision looms.
The Federal Reserve’s October 27-28 meeting is expected to be a key driver of Bitcoin prices, with traders watching for signals on whether policymakers will maintain interest rates or pursue further tightening.
Higher interest rates could pressure Bitcoin by strengthening the dollar and reducing demand for riskier assets, while a less hawkish outlook could support a recovery.
Elevated oil prices have complicated the outlook, with Brent crude trading above $117 amid the Iran war, raising concerns about persistent inflation.
Bitcoin fell as low as $79,146 on Saturday, its weakest level in more than a month, before reclaiming the psychologically important $80,000 threshold. Earlier Sunday, it was trading at $80,352 as of 10:31 ET (14:31 GMT).
Bitcoin is on track for a fourth straight daily decline and for its first monthly drop since June.
More than $810 million in cryptocurrency positions were liquidated over 24 hours, including approximately $689 million in bullish bets, according to Coinglass data.
Thin weekend liquidity intensified selling pressure as leveraged positions were forcibly closed following Bitcoin’s decline below $80,000.
Bitcoin also slipped beneath its 50-day moving average near $81,700, with traders monitoring potential support around $78,400 and $77,876.
The Federal Reserve’s October 27-28 meeting is expected to be a key driver of Bitcoin prices, with traders watching for signals on whether policymakers will maintain interest rates or pursue further tightening.
Higher interest rates could pressure Bitcoin by strengthening the dollar and reducing demand for riskier assets, while a less hawkish outlook could support a recovery.
Elevated oil prices have complicated the outlook, with Brent crude trading above $117 amid the Iran war, raising concerns about persistent inflation.
Bitcoin fell as low as $79,146 on Saturday, its weakest level in more than a month, before reclaiming the psychologically important $80,000 threshold. Earlier Sunday, it was trading at $80,352 as of 10:31 ET (14:31 GMT).
Bitcoin is on track for a fourth straight daily decline and for its first monthly drop since June.
More than $810 million in cryptocurrency positions were liquidated over 24 hours, including approximately $689 million in bullish bets, according to Coinglass data.
Thin weekend liquidity intensified selling pressure as leveraged positions were forcibly closed following Bitcoin’s decline below $80,000.
Bitcoin also slipped beneath its 50-day moving average near $81,700, with traders monitoring potential support around $78,400 and $77,876.
