Bitcoin Slips Below $80,000 as Tech Selloff, Fed Uncertainty Weigh on Risk Assets

Bitcoin fell below $80,000 over the past 24 hours, weighed down by a technology stock selloff and investor caution ahead of the Federal Reserve's rate decision, according to CoinGecko data. The largest cryptocurrency dropped as low as $79,332 before recovering to $80,240, down 2.5% for the week and roughly 36% below its all-time high of $126,080. U.S. spot Bitcoin ETFs recorded $635.5 million in net outflows on Thursday, erasing most gains from a three-day inflow streak, followed by another $137.9 million on Friday, per SoSoValue. The funds still ended the week up about $301 million, ending a two-week losing streak, but remain down about $314 million for October. Tim Sun, senior researcher at HashKey, attributed the decline to "a broader correction in global risk assets," citing skepticism over AI-related stock valuations, ETF outflows and unwinding leverage. Capital.com analyst Daniela Hathorn pointed to persistent inflation, elevated Treasury yields and Fed tightening expectations. Algoz's Stephen Wundke flagged $82,000 as a key level for the bull case, while Sun identified $75,000 as major support.