Bitcoin (CRYPTO: BTC) trades above $80,000 Monday, holding above Peter Schiff’s $75,000 warning as five major catalysts line up to test the market this week.
Why Schiff Says a Break Below $75,000 Looms
Schiff posted on X Saturday that Bitcoin’s drop below $80,000 points to $75,000 as the next likely stop.
“If that level fails to hold today, it’s going to be a very long weekend for Bitcoiners, especially for ETF investors who can’t sell until Monday,” he said.
Bitcoin’s daily chart still shows weakness, trading below its 50-day EMA at $80,740 and 20-day EMA at $81,862, with RSI at 41.83 pointing to bearish momentum.
Price is now testing the lower boundary of a descending channel near $79,300.
Key levels for BTC:
- $80,740 then $81,862: levels buyers need to reclaim to ease selling pressure
- $77,632: 100-day EMA, next downside target if $79,300 breaks
Why This Week Could Decide the Market’s Next Move
Widely-followed market commentator Bull Theory posted on X that five major events this week could shape sentiment across both crypto and broader markets:
| Day | Event | What to Watch |
| Wednesday | Fed Rate Decision | Rates expected to hold at 3.75%–4.00%, though another hike is anticipated in December. A hawkish signal from Kevin Warsh could pressure stocks; a softer tone could spark a relief rally |
| Wednesday | Alphabet & Microsoft earnings | Microsoft expected near $90.6 billion in revenue; Alphabet near $128 billion. Investors will focus on AI spending and cloud growth |
| Thursday | Amazon, Intel, Sandisk earnings | AWS growth, Intel’s chip business and Sandisk’s memory demand offer another read on AI spending resilience |
| Thursday | U.S. PCE Inflation & GDP Data | Headline PCE expected to rise to 3.6% from 3.4%; core PCE projected at 3.1% annually. Q3 GDP growth expected near 3.2% |
| Friday | Bank of Japan Rate Decision | Japan’s rate already at 1.25%, a 31-year high. BOJ expected to hold steady, though a surprise could strengthen the yen and pressure global markets via the carry trade |
The midterm elections fall just days after this stretch of catalysts, adding another layer of uncertainty.
Image: Shutterstock
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