Bitcoin is holding above the $80,000 mark on Wednesday, extending its recovery as traders turn their attention to a busy slate of tech earnings and the Federal Reserve's latest policy decision. The cryptocurrency market has regained some footing after last week's selloff, but technical indicators suggest the rebound is not yet fully confirmed.
Microsoft and Alphabet are set to report their quarterly results later today, with Amazon following on Thursday. These reports will be scrutinized for signs that heavy spending on artificial intelligence infrastructure is translating into profits. Strong earnings could ease concerns about stretched valuations in the tech sector and help stabilize risk appetite, which would likely support Bitcoin and other digital assets. Conversely, disappointing numbers could prolong the recent equity downturn and weigh on the crypto recovery.
In addition to corporate earnings, the Federal Reserve is widely expected to keep interest rates unchanged at its meeting today. However, market participants are more focused on the guidance from Chair Kevin Warsh regarding inflation and the timing of future rate cuts. According to Vik Sharma, CEO of Cake Wallet, the rate decision itself is largely priced in, but any hint that cuts are further off could pressure risk assets in the short term. Conversely, signs that the Fed is comfortable with inflation would likely give Bitcoin room to run.
Sharma also noted that Bitcoin is increasingly trading as a macro asset, but its long-term case does not depend on any single Fed meeting. "Monetary policy keeps shifting, and people want an asset that no central bank controls," he said.
At the time of writing, Bitcoin is trading near $80,846, having reclaimed its 50-day, 100-day, and 200-day exponential moving averages (EMAs). The nearest support is the 50-day EMA at approximately $80,810. Holding above that level is crucial to preserve the current recovery, though the narrow gap between price and the average leaves the breakout vulnerable to a reversal. Below that, the 100-day EMA sits near $77,810, followed by the 200-day EMA at around $76,394.
Despite the price improvement, momentum indicators have yet to confirm a decisive bullish shift. The Relative Strength Index (RSI) is near 46, below the neutral 50 level, suggesting that buying strength remains limited. The Moving Average Convergence Divergence (MACD) indicator is also negative, indicating that the recovery has not fully displaced the recent bearish momentum. Together, these 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 open the door for further gains. 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 at approximately $76,394.
Ethereum is consolidating between key moving averages, while XRP has extended its rebound after finding support around $1.300 earlier in the week. The broader crypto market remains sensitive to macroeconomic signals, and the upcoming earnings and Fed guidance could set the tone for the next leg of the recovery.
This article is for informational purposes only and does not constitute financial advice.
