Bitcoin (BTC) rose 2.4% after retesting the $59,900 support level on Oct. 3, and gained despite the $62,000 resistance. This increase was driven by macroeconomic factors such as US employment data, expectations for economic stimulus in Japan, and concerns about the US financial system.

The US economy is strong, but financial conditions are deteriorating. The US dollar hit a 50-day high against other major currencies. Historically, the US Dollar Index (DXY) and Bitcoin have been inversely correlated, but this latest move disrupts that pattern.

This anomaly can be explained by the US attracting global liquidity with high interest rates and strong economic fundamentals. US economic data exceeded expectations, accelerating this trend. At the same time, signals of potential economic stimulus from Japan have increased global growth concerns.

In this environment, Bitcoin could benefit from the prospect of increased fiat money supply. However, gains could be limited as investors flock to cash and strong companies amid fears of a potential recession.

Bitcoin’s performance is largely related to concerns about US financial conditions. Share your opinions in the comments!