Bitcoin (BTC) begins this week at $64,585, reflecting an increase from last week’s $63,478. Traders should focus on the next higher resistance levels at $66,480 and $74,969, along with the next lower support levels at $63,540 and $61,232. These levels are essential for anticipating potential price movements, identified using Fibonacci indicators.
Market-Moving Events to Watch for This Week
- September 30: Fed Chair Powell Speaks. Powell’s commentary will be pivotal. His insights into future policy, particularly regarding interest rates and liquidity conditions, will be closely watched. A dovish tone, suggesting a pause or cut in rates due to economic slowdown, may enhance Bitcoin’s appeal as an inflation hedge. Conversely, hints at future rate hikes could bolster the dollar, putting pressure on Bitcoin as liquidity tightens.
- October 1: U.S. ISM Manufacturing PMI (Sep). A significant drop in PMI could indicate declining manufacturing activity, stoking recession fears. This scenario might prompt the Federal Reserve to adopt a more accommodative stance, easing monetary conditions. Such expectations often benefit Bitcoin, as lower rates increase the attractiveness of risk assets. Investors will be attentive to PMI readings, which could shift market sentiment towards expecting rate cuts.
- October 2: ADP Nonfarm Employment Change (Sep). The ADP report serves as a precursor to the official Nonfarm Payrolls. A weak ADP number may signal a cooling labor market, which could increase the likelihood of the Fed pausing or cutting rates. This potential shift in monetary policy could favor Bitcoin as investors seek alternatives to fiat currency devaluation. Market participants will analyze the report to gauge economic health and its implications for future Fed actions.
- October 4: U.S. Nonfarm Payrolls (Sep) and U.S. Unemployment Rate (Sep). These reports are critical indicators of labor market health. A sharp decline in job creation or a rise in the unemployment rate might intensify concerns about an economic slowdown. Such data could trigger expectations for more accommodative policies from the Federal Reserve, supporting Bitcoin as investors anticipate prolonged low-interest environments. Traders will monitor these figures for insights into economic trends and potential central bank responses.
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Disclaimer
It’s important to note that the information provided is not intended as financial advice. The views expressed here solely represent the writer’s opinion based on the outlined market events. As with any investment, conduct thorough research and consider personal circumstances before making decisions in the volatile world of cryptocurrencies.
