Sell Bitcoin down to $80,500

Bitcoin is currently trading near $82,900, having staged a modest recovery from its October lows of around $80,000. But don't be fooled—this looks like a corrective rebound, not the start of a real reversal. With macroeconomic pressures building and uncertainty over the Federal Reserve's (Fed) next move weighing on sentiment, the stage is set for the downtrend to kick back in. 

So, what is the biggest headwind? Sky-high borrowing costs in the United States. As 10-year Treasury yields sit above 5%, fixed income looks much more appealing, thus sapping the appetite for riskier assets like the king crypto. Oil isn't helping, either. Brent crude has surged above $110 per barrel due to tensions in the Middle East. These steep energy costs are fanning inflation fears and leaving the American regulator with little room to ease.

And this brings us to the Fed. The next event to watch is its meeting on October 27–28. Most economists expect interest rates to stay put, though stubborn inflation could keep the central bank firmly hawkish. If officials suggest that borrowing costs will remain high, the dollar could strengthen, which would be bad news for Bitcoin. In this case, even short-term bounces will be sold off quickly. There is one more thing to keep in mind: watch out for any unexpected announcements from the US regulator, which could trigger sharp price swings.

Finally, consider the technicals. On the charts, the token has pulled back from the $85,000 resistance and started to move down, with $80,500 acting as the next target.

The ultimate recommendation is to sell Bitcoin at the current price ($82,900), aiming to reach $80,500 within one month. To protect your position from adverse market movements, place a Stop Loss order at $85,000.