Bitcoin’s slide below $81,000 exposes why a Fed pause may not save the crypto market
Summary
Bitcoin fell below $81,000 on Oct. 8 amid expectations of future Fed rate hikes, elevated Treasury yields and oil prices, and thin spot-market buying. Fed minutes and Governor Waller’s remarks pointed to a market-implied 85% chance of at least one hike by December, though policy remains data-dependent. Glassnode reported subdued exchange and ETF volume and limited new capital inflows, while more than $1 billion in crypto positions were liquidated, mostly longs. Key levels include a potential recovery above $85,500, resistance near $86,500–$86,750, and downside liquidation interest around $75,000. CPI and upcoming Fed meetings are near-term macro tests.
