Bitcoin faces an $8,000 trading trap as US midterms approach
Summary
Bitcoin fell below $80,000 after hotter-than-expected September CPI and producer-price data. Analysts see a likely near-term range of roughly $80,000–$88,000, supported by ETF and investor cost-basis levels, with $78,000 as the next support if $80,000 breaks. Reduced futures open interest and cleared long liquidations may limit a cascading sell-off, but ETF outflows have reversed earlier inflows and could weaken demand. The Fed’s Oct. 28 decision and Sept. PCE release the following day are key catalysts: persistent inflation could raise rate expectations and pressure Bitcoin, while stable ETF flows and a non-hawkish Fed could preserve the range. The Nov. 3 election is a secondary risk.
