Bitcoin risks dropping below $80K ahead of FOMC and big tech earnings this week

what happened

Cointelegraph reports that Bitcoin starts the last week of October trying to hold the $80,000 level. Investors face fresh US macro data and a heavy schedule of quarterly earnings. Brent crude, according to the outlet, eased to $110 per barrel after reaching $117 on Friday.

Markets almost fully expect the Federal Reserve to keep its rate in the 3.75–4% range at Wednesday's meeting, with odds above 90%. Economist Robin Brooks argues this gives Fed chair Kevin Warsh room to avoid outside pressure. The PCE index, the Fed's preferred inflation gauge, is due Thursday. It came in at 3.4% year-on-year last month, though analysts link the drop to changes in how some components are calculated.

South Korea's KOSPI closed down 1.5% on Monday at 5,469 points, after dipping to 5,308 on Friday. The Nasdaq Composite closed Friday at 25,955, its lowest daily close since August 3. Bitcoin is on track to finish October down 4%, although the month has historically been strong for it. Analyst Benjamin Cowen called Bitcoin's moves to $87,000 in late September and early October a fakeout.

why it matters

Three forces are weighing on markets at once: the Fed decision, oil prices and earnings from technology companies. If doubts about AI business returns persist, the pressure could spread to crypto, which has recently traded closely with growth stocks.

market impact

Bitcoin, Nasdaq, KOSPI: caution ahead of the Fed and AI earnings weighs on risk appetite

tags

instruments