Bitcoin rejected 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 and its potential impact on December rate hike odds.
- Keith Alan, cofounder of Material Indicators, noted that while a rate pause is priced in, the outcome of the November 3 midterm elections remains unpriced and could influence future Fed expectations.
- Glassnode observed bid liquidity shifting from $80,000 to the $78,000–$79,000 range, where $42 million in orders now reside—up from $24 million in mid-October—marking the strongest support zone for a potential reversal.
- Charl van Zyl, a data analyst, emphasized that the Fed’s stance and upcoming tech earnings will critically shape market perception of the AI sector’s health, amid a Nasdaq still 34% below its June peak.
Why it matters: Traders face narrowing support for Bitcoin as liquidity drops below $80,000 and the 50-day SMA holds as resistance, while Fed commentary and tech earnings could shift capital flows between crypto, equities, and Treasurys—materially affecting near-term volatility and investor positioning.
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