Bitcoin steadies above $80k as crypto recovery faces big tech earnings test
Bitcoin $BTC, Ethereum and $XRP are trading in the green on Wednesday as investors prepare for earnings reports that could influence demand for risk assets.
Technical indicators remain subdued, indicating that the bulls are yet to take full control of the market.
The bulls would need to push Bitcoin’s price above $85,000 to establish a bullish pattern in the near term.
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Traders focus on tech earnings and interest rate data
Microsoft and Alphabet are scheduled to release their third-quarter results on Wednesday, followed by Amazon on Thursday. Investors will assess whether their performance supports continued heavy investment in artificial intelligence infrastructure.
Strong results could ease concerns about hyperscaler valuations and help stabilize sentiment.
Disappointing figures, however, could prolong the AI-related equity selloff and weigh on the cryptocurrency recovery.
In addition to that, the Federal Reserve is expected to hold rates steady later today.
However, analysts expect chair Kevin Warsh’s guidance on inflation and the timing of rate cuts could be the bigger catalyst for Bitcoin.
As institutional participation grows, Bitcoin is increasingly sensitive to macroeconomic signals, even as its long-term value proposition remains rooted in independence from central bank control.
“A hold on October 28 is essentially priced in, so the decision itself is unlikely to move Bitcoin much. The real catalyst will be Chair Powell’s guidance. Any hint that cuts are further off could pressure risk assets in the short term, while signs the Fed is comfortable with inflation would likely give Bitcoin room to run,” Vik Sharma, CEO of Cake Wallet, stated in an email to Invezz.
“Bigger picture, Bitcoin is increasingly trading as a macro asset, but its long-term case doesn’t depend on any single Fed meeting. Monetary policy keeps shifting, and people want an asset that no central bank controls.”
Bitcoin surged to $80,900, while Ethereum consolidated between key moving averages. $XRP extended its rebound after finding support around $1.300 earlier in the week.
Bitcoin moves back above its 50-Day EMA
Bitcoin traded at approximately $80,8466, placing it above its 50-day, 100-day and 200-day Exponential Moving Averages.
The nearest support is the 50-day EMA around $80,810. Holding above that level would help preserve the latest recovery, although the narrow gap between price and the average leaves the breakout vulnerable to a reversal.
Below it, the 100-day EMA stands near $77,810, followed by the 200-day EMA at approximately $76,394.
Bitcoin’s position above these averages supports a constructive broader outlook. Buyers still need stronger momentum to turn the rebound into a sustained advance.
Despite the improvement in price, Bitcoin’s daily momentum indicators have yet to confirm a decisive bullish shift.
The Relative Strength Index is near 46, below the neutral 50 level. That suggests buying strength remains limited even after $BTC reclaimed its short-term moving average.
The Moving Average Convergence Divergence indicator also remains negative, indicating that the recovery has not fully displaced the recent bearish momentum.
Together, the readings leave Bitcoin susceptible to renewed selling if the earnings reports weaken market confidence.
The next significant upside barrier is $85,000. A daily close above that horizontal resistance would strengthen the recovery case and create room for a further advance. Until then, buyers must first establish a firmer position above the 50-day EMA.
If Bitcoin slips below $80,810, attention would shift toward the 100-day EMA near $77,810 and the 200-day EMA around $76,394.
A sustained break beneath those longer-term averages would weaken the broader technical structure and raise the risk of a deeper correction.
