By Boluwatife Oshadiya | October 28, 2026
Key Points
- Bitcoin rises 0.90% to $80,729.28 as the wider cryptocurrency market gains 0.94%
- US spot Bitcoin exchange-traded funds record $110.34 million in net inflows on October 26 after two sessions of combined outflows totalling $773.4 million
- Traders monitor the Federal Reserve’s October 28 rate decision, while CryptoQuant data point to continued weakness in underlying Bitcoin demand
Main Story
Bitcoin rose 0.90% to $80,729.28 on Wednesday as the wider cryptocurrency market gained 0.94%, with investors positioning ahead of the Federal Reserve’s October 28 interest-rate decision.
The market report supplied to BizWatch Nigeria puts Bitcoin’s correlation with the S&P 500 at 90.6% and with gold at 92.1% over the period examined. The figures suggest the rebound coincided with broader movements across traditional and digital assets, although the report does not provide the methodology or observation window behind the correlation estimates.
US spot Bitcoin exchange-traded funds recorded $110.34 million in net inflows on October 26, following two sessions of net outflows totalling $773.4 million. The reported inflow came entirely through BlackRock’s iShares Bitcoin Trust, known as IBIT.
Bitcoin derivatives activity also strengthened, with perpetual futures open interest rising 9.8% and the average funding rate increasing 72.6%, according to the supplied market data. These indicators point to renewed leveraged positioning but do not, on their own, establish the durability of the recovery.
The technical levels cited in the report place resistance near $80,755, identified as a 23.6% Fibonacci retracement level, with support around $79,380. A sustained move above the current range could bring the $82,500 supply zone into focus, while a break below the recent swing low could expose the $77,500 area.
However, CryptoQuant’s latest weekly report indicates that its on-chain demand metric remained negative for 12 consecutive days. It also reported that the average unrealised profit of holders who had held Bitcoin for one to three months fell from 33.4% on September 22 to 8.1% on October 26. Its bull-market score remained at 60, with six of 10 indicators still bullish.
What’s Being Said
CryptoQuant’s reported indicators present a mixed picture: its demand metric points to persistent buying weakness, while its bull-market score suggests several indicators remain positive. No direct quotation from the Federal Reserve or a named market analyst was included in the supplied material.
What’s Next
- October 28: Investors will assess the Federal Reserve’s policy decision and accompanying statement for signals on the interest-rate outlook.
- Traders will watch whether Bitcoin holds above the reported support area near $79,380 and tests resistance around $80,755.
- Investors will monitor subsequent spot Bitcoin ETF flows and on-chain demand data to assess whether buying interest broadens beyond the reported IBIT inflow.
Bottom Line
The Bottom Line: Bitcoin’s rebound is supported by a return to ETF inflows and stronger derivatives positioning, but CryptoQuant’s demand data suggest the recovery remains vulnerable. The Fed’s policy signal and Bitcoin’s ability to hold key price levels will help determine whether the move extends or fades.
