Bitcoin bounce rejected at 50‑day SMA ahead of FOMC and earnings
ITF Team1 min read
Bitcoin slipped back below its 50‑day moving average as traders awaited the Fed’s rate decision and major tech earnings.
Bitcoin (BTC) lost its early‑day gains on Wednesday, falling about 0.3% after failing to stay above the 50‑day simple moving average (SMA) near $81,831. The price retreated to as low as $80,297 on Bitstamp, leaving the pair down 0.3% for the day. The move came as markets braced for the Federal Open Market Committee (FOMC) meeting and a string of high‑profile technology earnings.
FOMC expectations dominate the backdrop
U.S. equities opened flat ahead of the Fed’s policy statement and chair Kevin Warsh’s press conference. The CME FedWatch Tool showed a 90.6% probability that the Fed would hold rates in the 3.75‑4% range, with a modest 0.25% hike still possible for the December meeting. Analysts noted that while the rate‑pause is largely priced in, the outcome of the November 3 mid‑term elections could still shift market sentiment, according to Keith Alan of Material Indicators.
Tech earnings add to market caution
The Nasdaq Composite, a proxy for tech earnings, stalled after South Korea’s KOSPI surged 6.6% – its best daily gain since July. Data analyst Charl van Zyl warned that the Fed decision and upcoming earnings reports would be key to gauging the health of the AI‑driven sector, which remains well below its June‑22 peak.
What traders are watching next
- A 4‑hour close below $80,565 could weaken chances of retesting the 50‑day SMA, said Keith Alan.
- Glassnode’s order‑book heatmap shows bid liquidity slipping under $80,000, hinting at a lower reversal zone if downside pressure builds.
- Upcoming data: Fed chair remarks, mid‑term election results (Nov 3), and earnings from major AI‑focused tech firms.
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- Bitcoin and gold hold near key levels ahead of Fed decision
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This article is compiled from international market news for information only. It is not investment advice.