Bitcoin Hovers Around $80,000 as Next Stress Test Looms

Dow Jones10:04

0203 GMT - Bitcoin edges higher in Asia's morning session but remains around the $80,000 level as markets await key U.S. data and central bank decisions. "With a Fed rate hold largely priced in and nearly $11 billion in Bitcoin options approaching expiry, markets face a test of policy expectations, spot demand and derivatives positioning," says Bitget Wallet Research. Hawkish Fed signals could reinforce expectations of higher yields and a stronger dollar, while softer guidance could offer a tailwind for Bitcoin. GDP and inflation data will further shape rate expectations. "Derivatives positioning suggests a cautious market," Bitget Wallet Research adds, suggesting range-bound trading ahead of Friday's expiry. A sustained break below $78,500-$79,500 or above $81,000-$82,000 could trigger larger moves via clustered liquidations. Bitcoin rises 0.2% to $79,944.50.

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