[DigitalToday reporter Hyunwoo Choo (추현우)] Bitcoin is trying to defend support at $80,000 ahead of the U.S. Federal Open Market Committee (FOMC) rate decision, U.S. inflation and growth indicators, and earnings reports from major technology stocks. Cointelegraph, a blockchain media outlet, reported on Oct. 26 local time that bitcoin began the final week of October by testing whether it can hold the $80,000 level.

The market’s focus is on the FOMC meeting on Oct. 29. Markets see a more than 90 percent chance the federal funds rate will be held at 3.75 to 4 percent. Attention is more on remarks at a news conference by Fed Chair Kevin Warsh than on the rate decision itself. CME FedWatch data puts more weight on the possibility of a 0.25 percentage point increase at the December FOMC meeting.

Economist Robin Brooks pointed out that this meeting is not drawing major attention from markets. He assessed that, unlike earlier this year, only 12 percent reflects the possibility of a rate hike for this week’s meeting, and that Chair Warsh has a temporary breathing room. He also said the likelihood of a rate hold has effectively firmed up despite rising oil prices and concerns over military tensions in the Middle East.

On Oct. 31, the Fed’s preferred inflation gauge, the personal consumption expenditures (PCE) price index, and U.S. third-quarter gross domestic product (GDP) figures are due. Last month’s PCE came in at 3.4 percent year on year, lower than expected, but an interpretation was raised that it reflected the impact of changes in calculation methods for some items.

Weakness in technology shares is also weighing on bitcoin. As unease persists over the outlook for the AI sector, South Korea’s KOSPI index closed down 1.5 percent at 5,469 on Oct. 26. It slid as far as 5,308 on Oct. 24, marking the lowest level since late July. In the United States, investor sentiment did not revive despite better-than-expected earnings, and Tesla’s cut in third-quarter capital spending drew more attention. The Nasdaq Composite closed at 25,955 on Oct. 24, its lowest close since Aug. 3.

This week, Microsoft and Alphabet report after the close on Oct. 29, and Amazon and Intel report on Oct. 30. About 20 percent of companies in the S&P 500 will report earnings this week. Risa Rashid of J.P. Morgan Asset Management said investors are now placing more importance on returns on capital than on capital spending.

If bitcoin ends October trading around current levels, it could finish the month down about 4 percent. CoinGlass data showed bitcoin has been dubbed “Uptober” after averaging a 26.1 percent gain in October since 2010, but last year and this year were exceptions. Bitcoin fell to as low as $79,145 on Oct. 25, triggering liquidations of about $150 million in long positions over two hours. $80,000 is a psychological support level, but support has been weak in the short term. Above $79,300, there are buy orders worth $73 million waiting, while sell orders are concentrated near $81,000.

Market participants do not appear to expect a strong rebound easily under current macro conditions. Benjamin Cowen, founder of Into the Cryptoverse, viewed the move to $87,000 in late September and early October as a “fakeout”. The $87,000 range remains a key resistance zone, where the 2026 annual opening price of $87,490 overlaps with the 20-month moving average of $87,165.