Bitcoin price tests $80,000 support after Fed dissent and disappointing Alphabet and Samsung earnings
The bitcoin price dropped toward the pivotal $80,000 support level on Thursday. Market sentiment soured following a hawkish split at the Federal Reserve and disappointing quarterly earnings from Alphabet and Samsung.
⚡ Key numbers:
- $80,000 — psychological support level tested during the session knock-on effects seen across crypto
- $356 million — total crypto futures liquidations triggered by the drop
- 3.75%-4.00% — Fed funds target range maintained by a 10-2 vote
- 3.4% — US third-quarter annualized GDP expansion rate
Tech earnings trigger broader risk asset liquidation
Digital assets faced acute selling pressure early Thursday as crypto futures markets witnessed $356 million in liquidations. The pullback began across Asian and US extended trading after earnings announcements from major tech bellwethers missed market projections.
Alphabet shares slid nearly 10% in after-hours trade when Google Services revenue of $96.3 billion fell short of the $98.4 billion expected by analysts. Concurrently, disappointing earnings from Samsung weighed on Asian markets, pushing the KOSPI index down 1.20%.
Hawkish Federal Reserve split bolsters rate hike bets
The Federal Open Market Committee held interest rates unchanged at 3.75%-4.00% on Wednesday, but the 10-2 decision revealed dissent, with two policymakers voting for an immediate 25 basis point hike. Markets adjusted expectations rapidly, with the CME FedWatch Tool reflecting an 83% probability of a rate increase in December.
Economic releases reinforced the higher-for-longer outlook on Thursday. The preliminary estimate of third-quarter US Gross Domestic Product showed growth of 3.4%, beating the 3.2% forecast, while the core PCE Price Index registered 3.1% year-on-year.
“While overall financial conditions are tighter, I’m unwilling and unable to call them tight”
— Kevin Warsh, Federal Reserve Chair (via FXStreet)
Rebound to $81,500 meets key moving averages
Following the test below $80,000, buyers stepped in to lift the benchmark cryptocurrency back above $81,500 as markets digested the data flow. Despite volatile spot moves, institutional demand through spot exchange-traded funds remained positive over the week.
Meanwhile, long-term industry projections remain elevated, with asset manager Bitwise revising its long-range valuation target for BTC to $1.6 million by 2036, citing structural compounding.
What to watch next
- The Federal Reserve December interest rate decision amid elevated hike bets
- Upcoming earnings releases from technology leaders Amazon and Intel
- Ability of digital asset markets to sustain closes above the $80,000 weekly support
Frequently asked questions
What caused the bitcoin price drop to $80,000?
A combination of disappointing earnings from Alphabet and Samsung, two hawkish dissents at the Fed rate meeting, and $356 million in futures liquidations triggered the decline.
How did US economic data impact crypto markets today?
US GDP growth beat expectations at an annualized 3.4% and core PCE inflation reached 3.1%, cementing market expectations that the Federal Reserve could raise interest rates in December.
Did institutional investors pull capital from Bitcoin ETFs during the dip?
US spot Bitcoin ETFs maintained positive net inflows, drawing hundreds of millions of dollars over recent sessions despite the hawkish macroeconomic backdrop.
Sources: Cointelegraph, CoinDesk, FXStreet, Comparic, Yahoo Finance, CoinGecko.
Disclaimer: This article is for information purposes only and does not constitute investment advice. Data as of Oct 29, 2026, 18:14 may vary by source. Trading leveraged CFDs carries a high risk of losing money.
This article contains AI-generated content.
