Bitcoin (BTC) briefly slipped below $80,000 on Oct. 15 before recovering to $82,200, testing a key price level as technology shares weakened and Federal Reserve rate increase odds eased.
As earlier EconoTimes coverage of the $80,000 dip noted, CoinDesk market updates put Bitcoin at $79,950 at 9:54 a.m. ET and $82,200 at 10:35 a.m. ET. The $2,250 rebound took 41 minutes.
Bitcoin traded largely between $80,000 and $83,000 during the week, apart from the brief Oct. 15 drop. The move below $80,000 underscored the importance of a level that had served as a support threshold.
Market odds of a Federal Reserve rate increase in October fell to about 15% by Oct. 19. U.S. Treasury yields also eased, providing support to Bitcoin during a week when technology shares came under pressure.
Positioning shifted away from semiconductor shares and toward health care and banks. Investors also showed demand for longer-dated U.S. Treasurys, though those separate moves do not establish a direct transfer of funds between the markets.
Bitcoin’s implied volatility remained below its average over the past year.
