Bitcoin Trades at $80,276 as QCP Sets $78,000 Support Level

Bitcoin (BTC) traded at $80,276 as of 7:41 a.m. ET (11:41 UTC) Monday, as QCP Capital placed short-term support at $78,000 after the cryptocurrency weakened below $80,000.

QCP's Oct. 26 market view set resistance at $86,000, followed by a range of $88,000 to $90,000. Its base case puts BTC between $78,000 and $86,000, with the Federal Reserve holding interest rates unchanged.

QCP said Middle East developments and ETF outflows intensified liquidations of leveraged long positions after Bitcoin fell below $80,000.

Technology-company earnings could ease concerns about AI capital spending and support a BTC rebound, QCP said. The firm also identified more hawkish Fed signals or an escalation in the Middle East as risks that could lead to further declines.