Bitcoin back above $80,000 hours before the Fed
In short
- Bitcoin climbed back above $80,000 on the morning of 28 October, to around $80,800–81,100.
- In pounds it is about £60,756, still well below this year’s peak of £72,149.57 on 14 January.
- October is still negative. The Fed decision this evening will set the direction.
Bitcoin is above $80,000 again. Yesterday it slipped below that level and was heading for a second losing October in a row. This morning it bounced back. The market is waiting for one event: the Federal Reserve’s decision this evening.
What happened
According to Crypto Times, Bitcoin reached around $80,800–81,100 on the morning of 28 October. Markets are almost fully pricing in a Fed hold this evening, and that brought buyers back. Ethereum is also up, by about 3% over 24 hours.
The bounce does not turn the month around, though. In dollars October is still down by around 4%. If it stays that way, it will be the second losing October in a row – rare for a month that has historically been strong for Bitcoin.
What it means for you
According to HawkValue data, Bitcoin is £60,756. It closed September at £63,042, so the month is −3.6% so far.
The maths: if you bought 0.1 BTC at the 14 January peak of £72,149.57, you paid £7,214.96. Today it is worth £6,075.60 – £1,139.36 below the purchase price, or −15.8%. To break even, Bitcoin needs to rise by 18.8%.
If you buy a fixed amount every month, moves of a few per cent on a Fed day matter little. If you trade short term, the evening may be nervous: when the Fed surprises, crypto usually reacts first. All prices are on our crypto page.
Bottom line
The return above $80,000 is a reaction to the expected Fed pause, not a change of trend. Bitcoin is still down for October and well below this year’s peak. This evening will show whether the bounce lasts.
Sources: Crypto Times · CoinDesk
For information only. This is not investment advice.
