Bitcoin Holds Steady as Traders Await Fed Rate Cut Amid Data Blackout
Bitcoin’s price action entered a tense holding pattern as the Federal Reserve prepares to potentially announce its second rate cut of the year, navigating an unprecedented data blackout caused by the month-long U.S. government shutdown.
The cryptocurrency hovered near $112,500, with technical indicators showing consolidation as markets braced for fresh macro signals that could reshape risk sentiment.
The Fed’s October policy meeting comes at a precarious time for markets. With no official jobs report released since August, central bankers are “flying blind,” yet most analysts expect a 25-basis-point rate cut to balance softening labor data and moderate inflation. Economists warn that the U.S. could be edging toward a mild stagflation environment — one that has historically benefited assets like Bitcoin.
On the technical front, BTC’s 9-day and 20-day EMAs have aligned, suggesting short-term equilibrium. The MACD histogram shows fading bullish momentum, but without a bearish crossover, while RSI remains neutral, signaling room for volatility. Strong buy walls are stacked around $112,300–$112,550, marking a critical support zone. A rebound from these levels could lift BTC toward $117,000–$120,000, whereas a break below could test $110,600 and $109,000.
As traders await Jerome Powell’s remarks, Bitcoin mirrors the global mood — resilient but uncertain — coiling for a directional move once macro catalysts emerge.
