Bitcoin fell below 80,000 dollars during the Asian trading session on Thursday, with about 356 million dollars of derivatives positions liquidated, according to CoinGlass. The price had stood at 81,700 dollars on Wednesday evening, before the Federal Reserve held its target range at 3.75 to 4 percent. It rebounded above 80,100 dollars around 6 a.m. Paris time.
The Fed vote was 10-2, with Lisa Cook and Beth Hammack wanting a rate hike. Kevin Warsh, the Fed chair, said at his press conference that credit tightening for some households and businesses had been discussed, but he promised nothing for December. CME FedWatch put the probability of a hike at the 8-9 December meeting at 83 percent.
Earnings weigh on risk appetite
Alphabet reported quarterly revenue of 127.6 billion dollars, up 25 percent year on year, against 128.2 billion expected. Adjusted earnings per share came in at 2.67 dollars, short of the 3.02 dollars analysts had forecast. Its shares fell about 10 percent after hours.
Samsung’s semiconductor division posted operating profit up 15 times on the year in the quarter ended September, but that was about 2 percent below consensus.
Options positioning in focus
About 11 billion dollars of bitcoin options expire on Deribit on Friday 30 October, roughly a third of open interest. Max pain sits at 78,000 dollars. Adam Hames of Tesseract Group said about 70 percent of the gamma in the relevant contracts is concentrated between 75,000 and 82,000 dollars.
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Galaxy Research’s Alex Thorn flagged the 50-week moving average at 76,540 dollars and a daily close above 82,500 dollars as the next upside test. US spot bitcoin ETFs took in 176 million dollars on Tuesday, with 152 million going into BlackRock’s IBIT.
Related: Bitcoin dips below $80,000 as Fed meeting opens · Bitcoin dips below $80,000, then rebounds near $82,000
Source: Federal Reserve · CoinGlass
