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Crypto market maker Wintermute said BTC could fall to the low $70,000 range if it decisively breaks below the $82,500 support level.
In a post on X, Wintermute said BTC has traded near $82,500 for more than three weeks and a move above $87,000 could trigger a fuller uptrend. The firm added that the U.S. Federal Open Market Committee meeting on Oct. 28 could act as a catalyst for a breakout from the current range. A hawkish stance from the Federal Reserve would put downward pressure on BTC, while a dovish stance and stronger-than-expected third-quarter corporate earnings could add momentum to gains, Wintermute said. The firm added that while direction is hard to predict, the current narrow trading range is unlikely to last much longer.
Wintermute also said broad selling has recently emerged across altcoins, with capital rotating into BTC and ETH. The firm said it sees BTC and ETH as offering a more favorable risk-reward profile than altcoins.