Why Bitcoin Price Is Down: $72.5M in Liquidations Hit Longs
Bitcoin Price Outlook: Fed Rate, PCE Data, and the 2026 Midterms
The Bitcoin price today slipped below $80K before recovering on Thursday, a day after the Federal Reserve held rates with two members voting to raise them. Bitcoin liquidations reached $72.54 million over 24 hours, per CoinGlass data, and US PCE data today adds a second inflation test at 8:30 a.m. ET.
Current market data as of October 29 from CoinMarketCap frames the session:
BTC price: $80,178.76, down 1.52%
Market cap: $1.61T
24-hour volume: $26.34B, up 18.73%
Intraday range: about $79,600 to $81,500
Crypto market today: $2.68 trillion, down 1.39%
In Bitcoin news today, the Fed and the data calendar frame the move.
Why BTC Price Is Down: A Bitcoin Liquidations Cascade Hits Longs
Why the BTC price went down today starts with the Federal Reserve. With no coin-specific catalyst, the interest rate decision set a cautious backdrop, and leverage amplified it. Longs took most of the damage.
Source: CoinGlass Liquidation-BTC
Total liquidations: $72.73M in 24 hours
Longs: $53.43M, or 73.6%
Shorts: $19.30M, or 26.4%
Forced selling feeds itself, since each liquidation adds supply without any change in fundamentals.
A Bitcoin price down day driven by leverage differs from one driven by news. The reset can also clear excess bullish positioning, which sometimes leaves a steadier base.
Fed Rate Decision Today: Interest Rate Hold Set the Bitcoin Price Mood
The Fed rate decision on October 28 is the macro event behind the move. A hold with two votes for a hike keeps the tightening debate alive, and rates are the channel into the Bitcoin price.
Higher-for-longer policy firms yield on safer assets and tightens liquidity, so leveraged crypto positions feel it first. Wintermute analysts also cited inflation worries and rising oil prices.
Decision: federal funds range held at 3.75% to 4%, per the FOMC statement
Vote: 10–2, with Lisa Cook and Beth Hammack preferring a quarter-point hike
Language: strong activity, elevated inflation and geopolitical uncertainty
Next meeting: December 8–9, per official Fed calender
US PCE Data Today: How the Inflation Reading Could Move Bitcoin Price
PCE is the inflation gauge the Fed targets at 2%, and this is the first reading since the meeting. A hotter print strengthens the case for a December hike, and hike expectations have weighed on risk assets. A softer print eases that pressure. Either way the BTC crypto token price could shift in both directions, and thin liquidity can magnify the first move.
Release: 8:30 a.m. ET from the Bureau of Economic Analysis
Core estimate: +0.30%, up from +0.25%, per Forex Factory
Backdrop: consumer prices ran 3.7% higher year over year in September, per September CPI 2026 Mortgage Rates
Analyst Ted Pillows added a market-history angle. BTC rallied about 5% in the two days after each of the last two PCE releases, and he asked whether that would repeat.
Two readings are thin evidence, and the Fed’s split vote changes the backdrop. Reference levels:
US Midterm Elections 2026: The Next Major Catalyst for the Crypto Market
The U.S. Midterms matter because they decide who writes crypto’s rules.
Date: November 3, per the US Vote Foundation
At stake: all 435 House seats and about one-third of the Senate
Bill status: the CLARITY Act is stalled after a 49–50 Senate procedural vote
The key file is the CLARITY Act, which would divide oversight between the SEC and CFTC. The House passed it 294–134 in July 2025. On September 15 the Senate fell short of the 60 votes needed to proceed. Its lead Senate backer, Cynthia Lummis, called the effort over, and any Senate changes would send the text back to the House.
That is where the election bites. TD Cowen warned that Democrats could hold the bill back until after the vote, pushing passage into 2027. Policy risk moves the Bitcoin price more slowly than a data print, but it shapes positioning.
Three dates now frame the market: this morning’s PCE print, the November 3 vote and the Fed’s December 8–9 meeting.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Crypto markets carry significant risk. Always do your own research before making any investment decisions.
