Bitcoin Price Today: BTC Reclaims $84,000 After Crash Below $80,000; 3 Things Investors Must Watch

Bitcoin slipped below the $80,000 level during Monday's Asian session as traders trimmed risk ahead of the Federal Reserve meeting which is scheduled later this week, and on top of that a selloff in tech stocks in the US equity market earlier added to the pressure.

However, at the time of writing, Bitcoin prices rebounded and were trading at $84,459.46, up 2.07%, with a market capitalisation of $1.70 trillion.

Other majors tokens were also in the green. Ethereum was trading at $2,490.55, gaining 1.79%. XRP was the top gainer among the 10 largest cryptocurrencies, rising 3.96% to $1.39. BNB rose 1.22% to $748.57, while Solana gained 1.26% to $108.00. TRON was up 0.12% at $0.3311, Hyperliquid rose 0.36% to $81.02, and WhiteBIT Coin gained 1.97% to $82.52. Stablecoins stayed close to their pegs, with Tether at $0.9991, up 0.03%, and USD Coin at $0.9998.

Here are the three things crypto investors should watch now:

First, the Fed decision on October 28. Markets expect the Fed to hold rates steady this week, but it is leaning heavily toward another hike in December. Any hawkish tone could keep pressure on risk assets, including crypto.

"The Fed's decision will be particularly important because interest rates influence the cost of capital and the attractiveness of holding different assets. If the central bank maintains rates as markets currently expect, attention will shift to its forward guidance and any signals on the timing of future easing. Geopolitical uncertainty, particularly tensions involving the US and Iran, remains another factor that could influence sentiment in the near term." said Avinash Shekhar, Co-Founder & CEO, Pi42.

Second, US inflation data on October 29 and a hot reading would strengthen the case for rates staying higher for longer.
Third, oil, the Iran conflict and the tech selloff. Brent crude is hovering around $115 a barrel, and Bitcoin has been trading with risk assets rather than as a safe haven. A spike in oil or a fall in tech stocks could pull down crypto prices lower again, while any de-escalation could help with a recovery in the crypto market.

"On the charts, Bitcoin's reference support levels are near $79,745 and $79,145, while resistance is around $80,000 to $80,925. Continued weakness below the $80,000 would keep the recovery unconfirmed." as per Purvang Mashru, Lead Analyst, BitDelta India

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