Bitcoin is trading around $79,700, just under the $80,000 mark. Earlier today, reports showed it near $80,000 to $80,160, so it has slipped a little. Traders are waiting for the Fed decision on Wednesday, October 28, at 18:00 UTC
Why is the market careful?
The Fed sets US interest rates. High rates can put pressure on crypto.
Oil prices are still high, which keeps inflation worries alive.
Tension in the Middle East keeps many investors defensive.
What does the 4-hour chart show?
On this chart, each candle shows four hours of trading.
Price is just under $80,000, close to its recent low.
The recent low is near $79,100. This is the first level to watch.
Price broke below an earlier low, which shows sellers have had control for now.
Resistance is an area where sellers showed up before. The first one is at $81,000 to $82,000. A higher one is at $85,600 to $86,600.
Support is an area where buyers showed up before. A larger zone sits far below, at $75,000 to $76,500.
Levels are zones, not exact lines. Price can move a little above or below them.
What could happen next?
If Bitcoin stays below $81,000 to $82,000, the pressure may continue and it may test the $79,100 area again.
If it falls below that low, the next area to watch is $75,000 to $76,500.
If it moves back above $82,000, the mood may improve.
The Fed’s words after the decision can matter as much as the decision itself. Reports say markets mostly expect no change, but that is only an expectation.
No one can know in advance which way price will go.
Before you trade
Big news days can bring sudden moves.
Keep your position small and set a stop loss.
Avoid high leverage.
Do not trade with money you cannot afford to lose.
Do you think Bitcoin will hold $79,000 before the Fed decision? Tell us in the comments.
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Not financial advice. Do your own research (DYOR).