Bitcoin Price Stalls at $80K as US Midterm Election, Fed Jitters Mount

Bitcoin remains rangebound near $80,000 after repeatedly facing resistance at $80,500, setting up October for potential net losses and spoiling what some traders hoped would be another positive “Uptober.” For the second consecutive day, bitcoin traded largely flat, repeatedly failing to break above the $80,500 resistance level as investors appeared to remain on the sidelines ahead of the U.S. midterm elections. The prolonged price stagnation also left bitcoin increasingly likely to close October in negative territory, reversing the gains recorded in August and September while spoiling what some investors expected to be another “Uptober” win. According to Utkarsh Ahuja, founder and managing partner at Moon Pursuit Capital, bitcoin’s hesitation around $80,000 comes during a crowded week of macroeconomic and sector-wide catalysts, including the Federal Reserve’s upcoming interest rate decision, Big…

First reported by Bitcoin.com News. This page is a short excerpt; the full text is theirs.