QCP: BTC drops below $80,000, market focuses on the Federal Reserve's resolution and tech giants' earnings reports.

QCP Capital noted in its daily market report that BTC fell below $80,000 over the weekend amid news of the Middle East situation and outflows from Bitcoin spot ETFs, triggering liquidations of leveraged long positions. Currently, BTC has retreated to the bottom of its recent trading range, with market participants awaiting the U.S. Federal Reserve’s policy-setting meeting scheduled for October 27-28. QCP added that earnings reports from Microsoft, Google parent Alphabet (due Wednesday U.S. time) and Amazon (due Thursday) will act as key market variables. If the results validate the justification of massive AI-related capital expenditures, tech stocks could see valuation recovery; conversely, selling pressure on AI trades may intensify further. Additionally, oil prices, down roughly 2%, are another major factor weighing on markets. On the macro front, the Fed is widely expected to hold interest rates steady, though market pricing puts the probability of a December rate hike at nearly 84%, with Chair Warsh’s press conference drawing close attention. The U.S. 10-year Treasury yield stands at around 4.96%, down from its recent one-year high near 5.3%. QCP’s key price levels are: BTC support at $78,000, resistance at $86,000; ETH support at $2,150, resistance at $2,500. Separately, ETH spot ETFs have recorded outflows for four consecutive weeks.