Markets· ★★★· neutral·

HTX analyst: Bitcoin to stay rangebound before Fed, $80,000 test likely first

  • —Spot Bitcoin ETFs have seen net outflows for two straight weeks, offset by exchange withdrawals
  • —CME prices an October rate hike at just 16%, while economists see it near a coin flip
  • —An upside break needs a daily close above $84,200 and $500M of ETF inflows over three days
  • —A downside break requires losing $79,800 plus weekly ETF outflows above $500M
Why it matters: With the Fed decision due Oct. 29, traders are unlikely to commit directionally, and elevated funding rates leave room for a slide toward $80,000.
#BTC
Source: PANews
More on this
Macro · Oct 19
CoinShares: Bitcoin to stay rangebound until US inflation data clarifies Fed path
 Markets · Oct 6
Glassnode: Bitcoin LTH-MVRV stays above 1 at cycle low for first time since 2015
 Markets · Oct 16
Fidelity analyst sees Bitcoin at $300,000 by 2029, but $86,000 must break first