Bitcoin Dips Below $80,000 Ahead of Fed Decision, Midterms — SkimNews
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- Bitcoin traded as low as $79,332 before recovering to about $80,240, leaving it down 2.5% over the past week and roughly 36% below its $126,080 record high.
- U.S. spot Bitcoin ETFs recorded $635.5 million in net outflows Thursday and $137.9 million Friday, but still finished the week up about $301 million, snapping a two-week losing streak; October was down about $314 million.
- Tim Sun attributed the drop primarily to a global risk-asset correction, saying skepticism over elevated AI-stock valuations was a major factor in the tech sell-off while ETF outflows and leveraged-position unwinding amplified downward pressure.
- Daniela Hathorn said persistent inflation, elevated Treasury yields and expectations of further Federal Reserve tightening were reducing enthusiasm for speculative assets; she identified Wednesday’s rate decision and major technology earnings as equally important to Bitcoin as crypto-market developments.
- Federal Reserve’s Wednesday decision and the November 3 U.S. midterm elections were flagged as near-term volatility catalysts for Bitcoin, alongside major technology earnings.
- Stephen Wundke said low weekend trading volume can make a break below $80,000 misleading, and noted declining volume as investors pulled out of altcoins and parked funds in stablecoins.
- Stephen Wundke said Bitcoin needs to hold $82,000, the launch level for August and September rallies, to support the bull case; Tim Sun identified $75,000 as the next key support if Bitcoin falls further.
Why it matters: Investors in spot Bitcoin ETFs ended the week with $301 million of net inflows despite more than $773 million in Thursday-Friday outflows, so institutional demand was not fully withdrawn. The immediate test for Bitcoin is $82,000, the August-September rally launch level Wundke said must hold to support the bull case, with Wednesday’s Fed decision next.
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