Bitcoin loses $80K before Fed decision: Assessing whether BTC whale can withstand more selling

Over the weekend, Bitcoin [BTC] prices dipped below the psychological $80k round-number support twice, hitting $79.2k and $79.3k. In the past 24 hours, Bitcoin has seen $34.63 million in liquidations. 78% of these liquidations were long, showing the one-sided battle bulls have been fighting in recent days. The trend of lower highs and lower lows over the past three weeks could continue. Sustained losses could push prices toward the $75k-$77k support zone. The upcoming week could see heightened volatility. On Wednesday, the 28th of October, the Federal Reserve will announce its decision on a rate hike. The FedWatch tool showed only a 9.4% probability of another rate hike, with a 90.6% probability that the target rate range remains the same: 375-400 bps.

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