Bitcoin Reclaims $82,500 as Oct. 28 Fed Decision Nears

Bitcoin (BTC) has reclaimed $82,500 after a brief dip, while market maker Wintermute sees the Federal Reserve’s Oct. 28 decision as a potential turning point for its recent trading range.

The $82,500 level had acted as resistance before Bitcoin climbed above it and is now being watched as support. A move through $87,000 would clear the range’s recent highs. A clear break below $82,500 could instead bring the low $70,000s into view.

BTC declined 1.99% over the past week, while altcoins as a group fell 5.69%. Losses extended across crypto but were steeper outside Bitcoin. High-beta and micro-cap altcoins faced the most pressure.

Trading flows shifted away from altcoins and toward Bitcoin and Ether (ETH). Some large-cap altcoins still attracted longer-term buying, leaving a divide between those tokens and the smaller, more volatile part of the market.

An earlier analysis of a separate trading channel also placed $82,500 in focus, identifying it as the channel’s lower edge. Wintermute’s current assessment centers on a different development: the price moved above former resistance and has returned to test it as support.

A Fed rate hold paired with hawkish guidance could push Treasury yields higher and weigh on BTC. A measured policy stance combined with third-quarter corporate earnings that beat expectations could ease that pressure and support a move above $87,000. Both outcomes remain conditional.

The next scheduled test is the Fed’s Oct. 28 decision, with Bitcoin trading between the $82,500 support level and the recent highs near $87,000.