Wintermute: Bitcoin Falls for Third Straight Week and Tests $80,000 a Third Time; FOMC Meeting May Decide Breakout Direction

October 27 — In its October 26 market update, Wintermute noted that Bitcoin fell for a third consecutive week, down 2.43% for the week, losing $82,500 and testing $80,000 for the third time. U.S. spot Bitcoin ETFs saw $636 million in outflows on Thursday, the largest single-day outflow since June, while the Nasdaq fell 2.6% the same day. Brent crude rose 5.66% to $116.72 after Houthi attacks on Saudi oil facilities, with the oil market replacing AI financing as the market's main concern.

Wintermute said Bitcoin has been range-bound between $80,000 and $82,500 over the past three weeks, and Wednesday's FOMC meeting will likely determine the direction of the breakout. If $80,000 fails, the next support is $76,000; if $76,000 also fails, it could test the low $70,000s. Bitcoin has recently been highly synchronized with AI and broader macro trends, with ETF flows turning two-way. Wintermute said it is not bearish, but remains cautious until the FOMC and PCE data are released and Bitcoin reclaims $82,500.