Bitcoin (BTC), Ethereum (ETH), and XRP all traded higher on Wednesday, buoyed by optimism ahead of major US technology companies’ earnings releases and a widely anticipated Federal Reserve interest rate announcement.
Big tech earnings and Federal Reserve in focus
Microsoft and Alphabet are set to report their third-quarter results on Wednesday, with Amazon scheduled to follow on Thursday. Market participants are closely watching whether these companies can justify ongoing substantial investments in artificial intelligence infrastructure.
Analysts stated that strong financial results from these firms could address concerns about current hyperscaler stock valuations and help improve overall sentiment in both equities and crypto markets. Conversely, weaker-than-expected earnings could trigger further declines in technology stocks and slow the ongoing cryptocurrency recovery.
The Federal Reserve, which serves as the central banking authority of the United States, is also expected to announce its decision regarding interest rates later in the day. Most economists expect the Fed to keep rates unchanged. However, investors are focusing on guidance from Federal Reserve Chair Jerome Powell concerning the outlook for inflation and future rate cuts.
Vik Sharma, CEO of Cake Wallet, commented that most expectations around holding policy rates steady have already been factored into asset prices. He emphasized that, “A hold on October 28 is essentially priced in, so the decision itself is unlikely to move Bitcoin much. The real catalyst will be Chair Powell’s guidance. Any hint that cuts are further off could pressure risk assets in the short term, while signs the Fed is comfortable with inflation would likely give Bitcoin room to run.”
Sharma added that Bitcoin is increasingly trading in line with macroeconomic signals as institutional participation rises, but its long-term value is not reliant on a single central bank meeting. Changes in monetary policy, he explained, continue to shape investor demand for assets outside traditional economic controls.
Bitcoin surged as high as $80,900 during the session, while Ethereum remained sideways between major technical benchmarks. XRP maintained its rebound after gaining support near $1.300 earlier in the week.
Bitcoin tests key technical levels
Bitcoin traded at approximately $80,846, positioning the asset above its 50-day, 100-day, and 200-day Exponential Moving Averages (EMA). The closest support level lies at the 50-day EMA, around $80,810. Analysts noted that maintaining price action above this threshold could preserve the ongoing recovery.
Below this mark, the 100-day EMA stands near $77,810, with the 200-day EMA further below at roughly $76,394.
| Level | EMA Value |
|---|---|
| 50-day EMA (Support) | $80,810 |
| 100-day EMA | $77,810 |
| 200-day EMA | $76,394 |
| Major Resistance | $85,000 |
Technical indicators, however, have yet to confirm a decisive bullish reversal. The daily Relative Strength Index (RSI) remains near 46, below the neutral threshold of 50, suggesting that buying power is limited despite the recent gains. The Moving Average Convergence Divergence (MACD) indicator also continues to register negative values, signaling that the recovery has not fully negated recent bearish momentum.
If Bitcoin can close above the $85,000 resistance, market observers believe this could provide further room for price advancement. On the downside, if BTC falls below current support levels, attention is likely to shift to the lower EMAs, and a drop through these averages could signal the risk of a deeper correction.
Ethereum and XRP are also testing key technical areas, following the lead set by Bitcoin’s broader market positioning.
Bitcoin’s sensitivity to macroeconomic events highlights its growing connection to institutional markets, even as advocates continue to emphasize its independence from central bank policies.
