Bitcoin stalls below 50-day average ahead of Fed decision

Bitcoin failed to sustain gains past its 50-day simple moving average at $81,831, which acted as local resistance. The asset fell around 0.3% on Wednesday after upside volatility stalled near $81,687. US stocks opened flat while participants awaited the Federal Open Market Committee statement and press conference from Fed chair Kevin Warsh. South Korea's KOSPI index gained 6.6% during the same period.

The Federal Reserve left interest rates unchanged at 3.75% to 4.00% in a 10-2 vote, with two officials dissenting in favor of a quarter-point hike. Bitcoin edged up about 0.2% to roughly $80,950 following the announcement. Data from CME Group's FedWatch Tool showed 90.6% odds of a pause at the current meeting, while the outcome for the December meeting remained a 0.25% rate hike. Traders had previously placed the odds of another hike at the December meeting above 70%.

Glassnode data indicated bid liquidity moving further below $80,000, with only $3.4 million in bids remaining at that level. Analyst Charl van Zyl suggested the Fed move and the week's key tech earnings data would materially influence market views of the AI sector's health. The October jobs report arrives Nov. 6, October inflation data follows on Nov. 10, and the Fed meets again Dec. 8-9.