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UNIBitcoin in wait-and-see mode as traders await Fed decision, analysts say
Bitcoin has moved less than 6% over the past month and the top five coins have barely budged in a week. Analysts tell Decrypt the calm may be constructive rather than a warning.
Key points
- Bitcoin is around $81,735, down 1.2% on the day, and has not moved more than 6% in a month, per Decrypt data.
- The Crypto Fear and Greed Index sits at a neutral 47, and no top five coin moved more than 2% over the past week.
- Blockworks analyst Jake Koch-Gallup points to the Fed decision on 28 October, a $11.7bn options expiry on 30 October and the US midterms on 3 November as coming catalysts.
Bitcoin is in wait-and-see mode, according to André Dragosch, head of research at Bitwise Europe, as investors hold back ahead of the Federal Reserve's next rate decision on 28 October.
The wider market is equally quiet.
Dragosch called the calm a constructive sign, saying long uneventful stretches broken by outsized moves often come early in a bull market, and that Bitcoin's drawdowns have been milder than in past cycles. Carlos Guzman of GSR disagreed, attributing the flat market to risk-off sentiment driven by macro uncertainty and fears around AI stocks.
Smaller tokens have moved meanwhile, with BAT up almost 87% and Collector Crypt up 95% over the past month.
What to watch: The Federal Reserve's next rate decision is due on 28 October, followed by an $11.7bn Bitcoin options expiry on 30 October and the US midterms on 3 November.
Live updates on NewsFeeds:BitcoinDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)
How this was produced: an AI model wrote this summary of Decrypt’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.
Not investment advice. Read the risk disclaimer.