Bitcoin stalls at 50-day SMA ahead of Fed decision — SkimNews
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- Bitcoin fell 0.3% on Wednesday after failing to sustain gains above $81,687, stalling below its 50-day simple moving average at $81,831.
- Federal Open Market Committee is expected to hold rates steady in the 3.75%-4% range, with focus shifting to Chair Kevin Warsh’s commentary on economic outlook and December rate hike odds.
- CME Group’s FedWatch Tool shows 90.6% probability of a rate pause at the current meeting, while December odds favor a 0.25% hike.
- Glassnode reports bid liquidity for Bitcoin has shifted downward, with only $3.4M in orders at $80K and a larger cluster of $42M between $78K–$79K.
- Keith Alan of Material Indicators notes markets have priced in no rate change but not the impact of upcoming U.S. midterm elections on monetary policy expectations.
- Charl van Zyl highlights that the Fed decision and key tech earnings will critically shape market perception of the AI sector’s financial health amid Nasdaq’s ongoing weakness.
Why it matters: With Bitcoin stalling at a key technical resistance and bid support dropping below $80,000, a breakdown could accelerate if the Fed’s tone turns hawkish or tech earnings disappoint. The $42M bid cluster at $78K–$79K now marks the primary defense level for near-term bulls.
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