Originally published on: October 07, 2024
Bitcoin price surged higher on Oct. 7 after the Wall Street open, setting the stage for a busy week of economic data from the US. The digital asset saw a 2.8% increase, reaching an intra-day high of $64,444. Currently, Bitcoin is trading at $63,726, marking a 1.84% increase over the past 24 hours.
Factors behind Bitcoin’s upward trajectory today include positive labor market figures that validate the US Federal Reserve’s “soft landing” approach. Despite signs of strength in the labor market, doubts linger regarding the economy’s overall health.
The expectations for the upcoming Nov. 7 Federal Open Market Committee (FOMC) meeting have shifted, with a notable decrease in the possibility of a 0.5% rate cut. Predictions now suggest an 85% chance of a 0.25% reduction, indicating a more cautious approach by the Fed.
Market sentiment is also influenced by upcoming economic data releases, such as the FOMC minutes on Oct. 9 and CPI data for September. Additionally, historical data suggests that Bitcoin typically performs well in Q4, with potential gains for investors.
Technical analysis indicates that Bitcoin is likely to test major resistance levels at $66,000 if it can maintain support at $61,500. The relative strength index (RSI) is trending upwards, signaling bullish momentum in the market.
Onchain data from IntoTheBlock further supports the notion of strong support levels for Bitcoin, with significant buying activity around the $60,000 and $61,500 price ranges.
As always, investors and traders are advised to conduct their own research before making any investment decisions. This article serves as a guide to the current market trends and does not offer specific investment advice.
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