CoinDesk
Bitcoin is trading below $80,000 and beneath its 50-day average, a technical signal that points to near-term weakness. The $80,000 zone is the key support, with analysts warning that a break could expose $75,000 and then $73,000. BTC's 30-day range has also compressed from 13% to 6% after two weeks between $80,000 and $86,000.
Why it matters
Alex Kuptsikevich of FxPro said the downtrend could continue as Bitcoin moves further below its 50-day moving average and prior resistance zones fail to hold as support. Secure Digital Markets described the compressed range as a volatility squeeze that could end in a sharp move.
Options traders on Derive are pricing movement around Wednesday's Federal Reserve meeting, though not an unusually large move. A Friday-expiry at-the-money strategy costs roughly $2.4K and implies a move of about 3% in either direction. The average daily move expected around the U.S. midterm elections is lower, at approximately 2.1%.
Market impact
Ripple received approval from a U.S. regulator to launch a national trust bank, a step that could strengthen institutional custody infrastructure. The approval has not translated into immediate demand for XRP, which was down 0.5% since midnight UTC. Marex analysts said the charter does not require institutions to buy XRP, while XRP funding stood at 0.81bp and dollar open interest rose 3.1%.
XRP is trading near $1.25, a level that has acted as support since mid-September. A renewed defense could signal that sellers are losing control, while a break would warn that buyers are no longer supporting the market. The broader takeaway is that institutional headlines do not automatically create token demand.
Frequently asked questions
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What support level is Bitcoin testing?
Bitcoin is trading below $80,000, which analysts identify as its key support zone. A break could expose $75,000 and then $73,000.
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Why is Bitcoin vulnerable to a sharp move?
BTC's 30-day range has compressed from 13% to 6% after two weeks between $80,000 and $86,000. Analysts describe the setup as a volatility squeeze.
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How could the Federal Reserve meeting affect Bitcoin volatility?
Derive options pricing implies roughly a 3% move in either direction by Friday around the Federal Reserve meeting, although traders are not pricing an unusually large move.
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What did Ripple receive approval to launch?
Ripple received approval from a U.S. regulator to launch a national trust bank. The move could strengthen institutional custody infrastructure.
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Why did Ripple's bank approval fail to lift XRP?
The charter does not require institutions to buy XRP, so the approval does not automatically create token demand. XRP was down 0.5% since midnight UTC and was trading near $1.25.
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