Key Takeaways
- • Bitcoin traded near $80,800 on Wednesday, above its 50-, 100- and 200-day exponential moving averages, but technical indicators have not confirmed a sustained bullish shift, according to Cryptonews.net.
- • Relative Strength Index near 46 sits below the neutral 50 level and MACD remains negative, indicating limited buying strength and residual bearish momentum.
- • Key levels cited: support at the 50-day EMA near $80,810, then $77,810 (100-day EMA) and $76,394 (200-day EMA); resistance at $85,000.
- • Microsoft and Alphabet report third-quarter results Wednesday and Amazon reports Thursday, with investors focused on whether AI infrastructure spending is supported.
- • The Federal Reserve is expected to hold rates steady, with Chair Kevin Warsh's guidance on inflation and rate-cut timing seen as the larger catalyst for Bitcoin.
Summary
Bitcoin was trading in the green on Wednesday at approximately $80,800, having surged to $80,900 earlier, according to Cryptonews.net. The move placed the asset above its 50-day, 100-day and 200-day exponential moving averages. Ethereum consolidated between key moving averages, while XRP extended a rebound after finding support near $1.300 earlier in the week.
Analysts cautioned that the recovery remains fragile. The nearest support is the 50-day EMA around $80,810, a narrow gap that leaves the breakout vulnerable to reversal. Below that, the 100-day EMA sits near $77,810 and the 200-day EMA at approximately $76,394. The next significant upside barrier is $85,000, and a daily close above that level would strengthen the recovery case. The Relative Strength Index near 46 and a negative MACD indicate that buying strength has not yet displaced recent bearish momentum.
Market direction this week is tied to big technology earnings. Microsoft and Alphabet report third-quarter results on Wednesday, with Amazon following on Thursday. Investors will assess whether results support continued heavy investment in artificial intelligence infrastructure. Strong results could ease concerns about hyperscaler valuations, while disappointing figures could extend the AI-related equity selloff and weigh on crypto.
The Federal Reserve is expected to hold rates steady. Vik Sharma, CEO of Cake Wallet, told Invezz that the decision itself is largely priced in, and that Chair Kevin Warsh's guidance on inflation and the timing of rate cuts is the real catalyst. Sharma added that Bitcoin is increasingly trading as a macro asset as institutional participation grows, though its long-term case does not depend on any single Fed meeting.
Analysts cautioned that the recovery remains fragile. The nearest support is the 50-day EMA around $80,810, a narrow gap that leaves the breakout vulnerable to reversal. Below that, the 100-day EMA sits near $77,810 and the 200-day EMA at approximately $76,394. The next significant upside barrier is $85,000, and a daily close above that level would strengthen the recovery case. The Relative Strength Index near 46 and a negative MACD indicate that buying strength has not yet displaced recent bearish momentum.
Market direction this week is tied to big technology earnings. Microsoft and Alphabet report third-quarter results on Wednesday, with Amazon following on Thursday. Investors will assess whether results support continued heavy investment in artificial intelligence infrastructure. Strong results could ease concerns about hyperscaler valuations, while disappointing figures could extend the AI-related equity selloff and weigh on crypto.
The Federal Reserve is expected to hold rates steady. Vik Sharma, CEO of Cake Wallet, told Invezz that the decision itself is largely priced in, and that Chair Kevin Warsh's guidance on inflation and the timing of rate cuts is the real catalyst. Sharma added that Bitcoin is increasingly trading as a macro asset as institutional participation grows, though its long-term case does not depend on any single Fed meeting.
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