Bitcoin tests $80,000 support ahead of FOMC meeting amid macro uncertainty
Bitcoin is trading around $80,500, testing key support levels as analysts expect the Federal Reserve to pause rates at the upcoming FOMC meeting. Analysts predict a potential dip to the mid-70s, which they view as a buying opportunity for DeFi assets.
Bitcoin is trading around $80,500, testing key support levels after breaking below $81,000. Analysts expect the Federal Reserve to pause rates at the upcoming FOMC meeting, with a 95% probability of no change. Kyle Reedhead predicts a potential dip to the mid-70s, specifically $74,000 to $76,000, to reset the Relative Strength Index, citing the 50-week moving average at $76,000 and the bottom of the August range at $75,500. Martin agrees that support exists in the high 70s but does not expect a break into a bearish structure.
Both analysts note that Bitcoin's strength is notable given macro headwinds, including Brent oil at $116, the DXY index at 102, potential rate hikes in December, and ongoing conflict in Iran. They view any near-term pullback as a buying opportunity for DeFi blue chips like Uniswap and Aave. The consensus is that while short-term consolidation is likely, the long-term trajectory remains positive.