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Bitcoin could fall to the next support level at $76,000 if it fails to hold $80,000, and may slide to the low-$70,000 range if that level also breaks, crypto market maker Wintermute said in an analysis posted on X.
Wintermute said BTC has declined for three straight weeks and broken below the $82,500 support level. The U.S. Federal Open Market Committee meeting on Oct. 28 local time is a key variable for the next price direction, it said. While rates are widely expected to remain unchanged at this meeting, emphasis on the possibility of a December rate hike could lift Treasury yields and push BTC back below $80,000. On the other hand, if policymakers leave December policy options open, BTC could have room to recover to the $82,000-$82,500 range.
Wintermute added BTC has recently been reacting sensitively to moves in U.S. tech stocks. It said it is not broadly bearish on the market, but is maintaining a cautious stance until BTC comes through the FOMC meeting and the Personal Consumption Expenditures price data due on Oct. 29 without major disruption and regains $82,500.