A Perfect Storm for Bitcoin? Fed, PCE, GDP and Big Tech Earnings Ahead

Bitcoin entered a week of Federal Reserve and economic data while trying to stay above $80,000 support, after a five-week low of $79,100 on Saturday and a rejection at $85,000 last Wednesday. The Fed is due to announce its rate decision October 28; nearly all economists surveyed by Reuters expected no change, leaving the federal funds target at 3.75%-4.00%. On Thursday, the Bureau of Economic Analysis is due to publish an advance estimate of third-quarter U.S. GDP and September Personal Income and Outlays, containing the Fed’s preferred PCE inflation gauge. About 20% of S&P 500 companies will report earnings, including Microsoft and Alphabet on Wednesday and Amazon and Intel on Thursday; bitcoin has increasingly traded alongside broader risk sentiment.