Bitcoin began the third week of October trading at $82,000. The asset closed its weekly candle below the support zone of $82,500 to $82,800, which analysts suggest may lead to a retest of the $80,000 level.
On-chain data from CryptoQuant indicates a decline in US investor demand. The Coinbase Premium Index fell to -0.141 on October 18, marking its lowest level since June 30, which may signal insufficient demand to offset selling pressure.
Global markets are shifting focus to corporate earnings as 15% of S&P 500 companies prepare to report Q3 results this week, including SpaceX, Tesla, and Meta. Last week, the S&P 500 index declined by 2%.
Investors are monitoring the Federal Reserve's upcoming interest-rate decision on October 28. Current CME Group data shows an 85% probability that rates will remain within the 3.75-4% range this month.
US inflation data remains a concern, with the September Producer Price Index rising 1.7% month-on-month, the largest increase since March 2022. Gasoline prices contributed to half of this growth, while the Consumer Price Index reached 3.7% year-on-year.
