QCP Capital: Bitcoin Falls Below $80,000, Focus on Fed Decision and Tech Giants' Earnings, Key Support at $78,000

Odaily: QCP Capital released a market analysis noting that amid Middle East geopolitical tensions and spot ETF outflows, Bitcoin fell below $80,000 over the weekend, with leveraged longs getting liquidated. The price is currently at the lower edge of its recent trading range, and the market is awaiting the Federal Reserve's interest rate meeting on October 27-28.

QCP believes that tech giants' earnings will serve as important catalysts for market direction. Microsoft and Alphabet are scheduled to report earnings on Wednesday Eastern Time, while Amazon will report on Thursday. If results can justify AI capital expenditures, they may drive a revaluation of related assets; otherwise, the AI sector correction could continue. Additionally, after the U.S. reduced embassy staffing in the Middle East, oil prices fell about 2%, and geopolitical risks remain worth monitoring.

On the interest rate front, the market widely expects the Federal Reserve to keep rates unchanged this time, but the probability of a December rate hike is close to 84%, making Fed Chair Warsh's press conference particularly important. The U.S. 10-year Treasury yield is currently around 4.96%, below its previous one-year high of approximately 5.3%.

On the technical side, QCP identifies key support for Bitcoin at $78,000 and resistance at $86,000; for Ethereum, support at $2,150 and resistance at $2,500. In addition, spot Ethereum ETFs have seen net outflows for four consecutive weeks.