Bitcoin slipped below $80,000 again on October 29, as jitters in the tech sector and a hawkish tone from the Federal Reserve weighed on crypto markets. The dip keeps the world’s largest cryptocurrency pinned near a level traders have been watching closely all week.
Bitcoin price chart (Credits: CoinDesk)
According to market reports, Bitcoin fell to around $79,975 on Binance’s spot market late Wednesday evening U.S. time, after trading just above $80,150 minutes earlier. The move follows a choppy stretch in which the coin has repeatedly tested the $80,000 line, dipping below it on October 27 before recovering toward $80,500.
Bitcoin Dips Below $80,000 as Tech Jitters and Hawkish Fed Weigh on Crypto
Two forces are doing most of the damage, according to CoinDesk’s reporting. The first is risk aversion in tech, with Samsung-led worries rippling through chip and hardware names and spilling into risk assets. The second is the Fed: the central bank’s October 28 decision was widely expected to be a hold, with rates at 3.75%–4.00%, but traders are listening hard for any hint of a December rate hike from Chair Kevin Warsh.
That combination matters because Bitcoin has spent much of the past few years trading like a high-beta tech proxy — rising fast when tech rallies, falling fast when sentiment sours. This week, that link has looked shaky: equities climbed while Bitcoin lagged, a correlation break that has caught traders’ attention.
The numbers tell the story of a market stuck in a range. Bitcoin traded near $80,800–$81,100 in early trading on October 28, after reclaiming $80,000 following the prior day’s dip. Over the past week it has moved inside a roughly $79,200–$84,900 band, down from mid-month peaks near the mid-$80,000s, and it remains about 36% below its all-time high near $126,000 set in early October 2025.
Why the $80,000 Level Matters for Bitcoin
The $80,000 zone has become a focal point for the market. A sustained hold above it has coincided with lighter selling pressure, while a decisive break lower has been viewed by some market participants as opening a path toward the mid-to-high $75,000s, according to market coverage. Short-term holders’ average cost basis sits near $76,500, a level analysts are watching as potential support.
There are also cross-currents. Spot Bitcoin ETFs took in roughly $110 million on October 26, all into BlackRock’s IBIT, after heavy outflows beforehand. And a large options expiry — 136,165 contracts worth about $11 billion on Deribit, with a max-pain level near $78,000 — is due Friday, which can add volatility around these levels.
For now, the market’s mood is cautious rather than panicked. The Fed’s decision is out of the way, U.S. GDP and inflation data are due October 29, and traders are waiting to see whether Bitcoin can reclaim $80,000 and hold it — or whether the level becomes a ceiling instead of a floor.
Also Read: Bitcoin Rebounds Above $81,000 As Asian Chip Rally Spills Into Crypto, Pepe Jumps 9% | Fed Meeting Today: 3 Things to Watch, From Dissent to the Rate Decision at 2 PM ET
Source: CoinDesk — read the full story there.