This morning I was saying $BTC was dragging its feet just below the $80,000 mark. Then, before I’d even finished lunch, it smashed through the floor. It’s now around $79,950, down about 1% over 24 hours, after dipping to an intraday low of $79,332. Just like that, the $80,000 level was gone.
What stings even more is that it also lost the 50-day moving average, around $81,850. For months, that line was a trampoline for the bulls. Now it’s turned into a ceiling. To get back on its feet, price needs to reclaim the $82,000–$82,500 area; otherwise, every bounce looks like it’s running into a wall.
Why the drop? Part of it is that nobody wants to make the first move ahead of FOMC week. But there’s also real money flowing out: spot ETFs saw combined outflows of about $773.5 million over two days—$635.6 million on October 22 and $137.9 million on the 23rd. The money that flowed in the day before was wiped out in just two days. $ETH got hit too, falling 1.56% to around $2,318. There are barely any assets left standing.
That said, a break below $80,000 doesn’t mean the sky is falling. There’s another layer of support around $79,000. The FOMC decision comes Wednesday, and about $11 billion in options expire Friday, so this week is bound to be turbulent. My take: don’t chase shorts or buy the dip here. Wait for the daily chart to give a clearer signal. Just my personal opinion, not financial advice.
Tonight, are you betting on a reclaim of $80,000, or a dip to test $79,000 first? Pick a side in the comments.
#MarketsPriceJust10%ChanceOfFedHikeNextWeek #BTC #FOMC
What stings even more is that it also lost the 50-day moving average, around $81,850. For months, that line was a trampoline for the bulls. Now it’s turned into a ceiling. To get back on its feet, price needs to reclaim the $82,000–$82,500 area; otherwise, every bounce looks like it’s running into a wall.
Why the drop? Part of it is that nobody wants to make the first move ahead of FOMC week. But there’s also real money flowing out: spot ETFs saw combined outflows of about $773.5 million over two days—$635.6 million on October 22 and $137.9 million on the 23rd. The money that flowed in the day before was wiped out in just two days. $ETH got hit too, falling 1.56% to around $2,318. There are barely any assets left standing.
That said, a break below $80,000 doesn’t mean the sky is falling. There’s another layer of support around $79,000. The FOMC decision comes Wednesday, and about $11 billion in options expire Friday, so this week is bound to be turbulent. My take: don’t chase shorts or buy the dip here. Wait for the daily chart to give a clearer signal. Just my personal opinion, not financial advice.
Tonight, are you betting on a reclaim of $80,000, or a dip to test $79,000 first? Pick a side in the comments.
#MarketsPriceJust10%ChanceOfFedHikeNextWeek #BTC #FOMC
