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Source: Newsmaker.id
Bitcoin’s movement remained constrained on Thursday (October 29) after it failed to sustain earlier gains. BTC is currently hovering around US$80,000, facing persistent pressure following a Federal Reserve decision and the release of U.S. economic data, which have reinforced expectations that interest rates may remain higher for longer.
This pressure intensified after September’s Personal Consumption Expenditures (PCE) data indicated that inflation remains robust. The PCE index rose on an annual basis, while the core PCE also stayed above the Federal Reserve’s target. Simultaneously, the U.S. economy grew by 3.4% in the third quarter—surpassing market forecasts. This combination of solid growth and persistent inflation has brought the possibility of further policy tightening back into the spotlight for investors.
Previously, the Federal Reserve opted to maintain interest rates within the 3.75%–4% range, with a 10-2 vote. Two officials favored a rate hike, while Fed Chair Kevin Warsh emphasized that inflation remains a primary concern, noting that the central bank will rely on incoming data to guide future policy decisions.
For Bitcoin, these conditions present a challenge, as the cryptocurrency remains sensitive to shifts in liquidity and risk appetite. The prospect of sustained high interest rates may prompt investors to reduce their exposure to risk assets, while weakness in technology stocks has exerted additional pressure on the broader crypto market.
Other major cryptocurrencies have also seen limited movement. Ethereum is trading around US$2,350, XRP near US$1.31, Solana around US$195, Cardano near US$0.61, and BNB around US$1,090. Meanwhile, various memecoins—such as Dogecoin and TRUMP—continue to track Bitcoin’s trajectory and overall market sentiment.
From a technical perspective, Bitcoin is holding near the psychological level of US$80,000, following a brief dip to lower levels. BTC’s ability to break back into the US$81,000–US$82,000 range could serve as an early signal of a recovery in momentum, while falling below US$80,000 would likely increase selling pressure.
Newsmaker Analysis: In the short term, cryptocurrency market fundamentals remain under pressure from persistent US inflation, robust economic growth, and expectations of a tighter Federal Reserve policy. Nevertheless, as long as Bitcoin can hold the US$80,000 level, the possibility of consolidation and a rebound remains. BTC’s subsequent movements will likely dictate the direction for the majority of other crypto assets. (arl)
Source: Newsmaker.id