Bitcoin traded near $80,500 for most of Tuesday, holding above the $80,000 mark that has become a key line for the market. According to Bitcoin Magazine Pro data, the price moved between roughly $79,400 and $80,800 during the day, and by mid-afternoon Eastern time it was up about 0.3% over the previous 24 hours.
The steadier tone came after a weaker session on Monday, when bitcoin fell below $80,000 as investors cut risk exposure. The report said concerns over AI-sector valuations and higher oil prices weighed on markets, while spot Bitcoin ETFs were also seeing money leave the category.
Even so, the selling had not turned disorderly. Bitcoin has mostly stayed in a band of about $79,000 to $81,000 this week.
Still well below the peak
The longer-term picture remains difficult for buyers who entered near the top. Bitcoin’s all-time high was set near $126,000 in October 2025, and the asset is trading roughly 30% below where it stood a year ago. At the time of writing, bitcoin was around $80,600.
Fed meeting now in focus
The Federal Reserve’s policy meeting is scheduled for Oct. 27 and 28, with the decision due Wednesday. After raising rates in September, the central bank has kept its target range at 3.75% to 4%. Officials have signaled that another increase may still be needed before the end of the year.
The article noted that the last clearly reported market odds, from early October, leaned toward a hold, though those figures were described as stale and likely changed by now. Traders are expected to watch Fed Chair Kevin Warsh’s press conference for signals on whether a December hike remains on the table.
The trading logic outlined in the report was straightforward. Higher rates pull liquidity away from speculative assets, so a hawkish surprise could send bitcoin back toward $80,000 or lower. A hold, or a softer tone, could give buyers room to push the price toward the $88,000 area seen earlier this fall.
Midterms add another policy variable
The Nov. 3 midterm elections are adding another layer for markets. Recent coverage cited in the report pointed to a Polymarket reading that favored Democrats winning both chambers of Congress.
For crypto, the immediate policy issue is the pending market structure bill. Lawmakers’ votes on that measure could shape how the industry approaches the races. The report also said bitcoin and other risk assets have tended to rally in the 12 months following past midterm cycles.
TD Cowen analysts warned that the election outcome could stall the CLARITY Act for two years. Prediction markets assigned Democrats a 90% chance of winning the House and a 62% chance of winning the Senate, a scenario TD Cowen described as the most negative for bitcoin. A split Congress, with Republicans holding the Senate, was seen as a better outcome, while a Republican sweep was viewed as the best path for crypto.
The bill had already stalled after a failed Senate cloture vote in September, with ethics provisions and stablecoin yield still dividing lawmakers.
This article first appeared in Bitcoin Magazine and was written by Micah Zimmerman.