Bitcoin and broader financial markets are set for a busy week with several macroeconomic and corporate events that may affect price action. The cryptocurrency is currently trading near the $80,000 support level after falling to a five‑week low of about $79,100.
Federal Reserve meeting
The Federal Reserve is scheduled to announce its rate decision on October 28, with a press conference to follow. Most economists surveyed by Reuters expect the Fed to keep the federal funds target range at 3.75%‑4.00%. Market participants will be watching the Fed’s forward guidance for clues about future policy. A more dovish tone could lower Treasury yields and the dollar, potentially supporting risk assets such as Bitcoin, while a hawkish outlook could add pressure.
Inflation and GDP data
On Thursday, the Bureau of Economic Analysis will release the advance estimate of third‑quarter U.S. GDP along with September personal income and outlays, which include the preferred personal consumption expenditures (PCE) inflation gauge. Analysts anticipate strong economic growth alongside elevated inflation, a scenario that could reinforce expectations of continued restrictive monetary policy.
Big‑tech earnings
Approximately 20% of S&P 500 companies are slated to report earnings this week. Microsoft and Alphabet are expected to release results on Wednesday, followed by Amazon and Intel on Thursday. Bitcoin has shown sensitivity to broader risk sentiment, and the performance of these technology giants may influence market direction.
Current Bitcoin outlook
After a rejection at $85,000 last week and a subsequent decline to around $79,100, Bitcoin is attempting to hold above the $80,000 level. Spot Bitcoin ETFs posted gains last week, but the underlying price has not fully recovered.
