Bitcoin Price Tests $80K With the Fed and Midterms Ahead

Bitcoin traded near $80,100 on Monday, flat for the day, after falling below its 50-day moving average, a trend gauge that had supported a multi-month advance. It sits about 8% below a recent swing high near $87,400, with its relative strength index, a momentum measure, near 41.5, below a signal line near 47.6. Traders are focused on the Federal Reserve’s decision Wednesday, Oct. 28; CME FedWatch puts a hold at 90.6%, keeping the target range at 3.75% to 4.00%, and Chair Kevin Warsh’s December signals are in view. About $11 billion in bitcoin options expire Friday, and U.S. midterms follow Tuesday, Nov. 3.