Wintermute said bitcoin was falling for a third straight week and testing $80,000 for the third time in three weeks. Its analysts said a move back above $82,000 to $82,500 was needed to restart the uptrend, while a break below $80,000 would put $76,000 in focus. They estimated that losing $76,000 could open the way to $70,000, but said current conditions did not justify a bearish outlook.
Wintermute expects the Federal Reserve’s October 28 meeting and the October 29 release of the personal consumption expenditures price index to provide clearer direction. Markets expect the Fed to hold rates steady, according to the source.
