Bitcoin rises 0.8% to $80,258.1 after falling below $80,000
Key Facts
Bitcoin rose 0.8% to $80,258.1 by 10:42 a.m. Eastern Time on October 29, moving back above $80,000, according to data reported by Investing.com. The move came after the largest cryptocurrency fell below that level during Asian trading. Investing.com said the price increase had taken it back above the $80,000 threshold in that update. But the currency was still trading after a sharp pullback from its higher levels during the Asian session. CoinDesk reported that the price fell from more than $81,700 to about $79,800 during Asian trading.
The trading path had taken Bitcoin from above $81,700 to near $79,800, before an Investing.com update recorded a rise to $80,258.1. These figures reflect the sequence of decline and recovery during the day, with the price returning above the psychological $80,000 threshold. This move alone does not establish that the short-position liquidations cited in the previous draft occurred at the stated values or times, as those figures could not be verified. The available information also does not support attributing the recovery to the forced closure of those positions. Against this backdrop, investors were assessing the Federal Reserve's decision issued the previous day and U.S. inflation data published on October 29.
On October 28, the Federal Reserve kept its target interest rate range at 3.75% to 4%, according to the Federal Open Market Committee statement. The committee voted 10 to 2 in favor of the decision, while the two dissenting members preferred to raise the range by a quarter of a percentage point. That puts the hold decision in the context of disagreement within the committee over the direction of monetary policy. On October 29, Personal Consumption Expenditures data showed a monthly increase of 0.5% in September, following a 0.3% rise in August, according to Investing.com. Annual PCE inflation was 3.6% in the 12 months ended in September, compared with 3.4% in the period ended in August.
Investing.com reported that CME FedWatch on October 29 recorded an estimated 84.6% probability of an interest rate hike in December. That probability remains a reading of market pricing as reported by the outlet, not a decision issued by the Federal Reserve. The estimate follows the October rate hold and figures showing an acceleration in monthly and annual PCE inflation. The Federal Open Market Committee is scheduled to hold its next meeting on December 8 and 9, 2026, according to the Federal Reserve calendar. That meeting is the next scheduled opportunity to consider the course of monetary policy.