The speech by Federal Reserve Chairman Jerome Powell on October 19 will have a significant impact on the macroeconomic markets this week.
The US SEC has indicated that it would not challenge the court's judgement, thereby sealing Grayscale's triumph.
On the weekly chart, the price of bitcoin has just signalled a trend reversal, suggesting the start of a downturn.
This week, Federal Reserve Chairman Jerome Powell will give a lecture on the economy on October 19. If both Nonfarm Payrolls and Inflation come in higher than predicted, it's likely that Jerome Powell will signal another interest rate increase. In spite of this, the CME FedWatch Tool indicates a 90.3% chance that policy rates will remain in the 525-550 basis point range. Investors should use caution while trading Bitcoin after the speech, since the market might become volatile.
Weekly indication for #bitcoin 's price suggests selling
The weekly chart for Bitcoin's price has turned bearish, meeting the two necessary characteristics for reversing an uptrend: a lower low and a lower high.
More than $1.8 million in Bitcoin and Ethereum were stolen in a phishing attack on a sham search engine, which you can read about here.
Bitcoin's price dropped to $25,386 in the first week of September, which is lower than the $25,941 recorded in the first week of June. The lower high reached in the first week of October at $28,592 is the second requirement of a trend reversal, which is fulfilled by this move. Bitcoin's price has satisfied the criteria for a weekly trend reversal signal, suggesting the possible end of the 2023 rise.
Investors need to exercise extreme caution going forward. When BTC breaks a critical level after a trend reversal signal, it has a history of triggering a tremendously volatile slump.
The $25,000 psychological barrier is a potential point of failure, with a subsequent drop of roughly 26% to $19,294.
Assuming there is a spot Bitcoin #ETF , it can counteract negative signals.
The prospects of a Grayscale ruling on a Bitcoin ETF are higher now that the US Securities and Exchange Commission (SEC) is unlikely to appeal to revisit the decision. Despite this victory, Bitcoin's upward trend only briefly increased and then flattened off.
When the SEC missed the deadline to file an appeal on Grayscale's GBTC conversion to a spot BTC ETF, the price of bitcoin skyrocketed.
Therefore, approval of a spot Bitcoin ETF is the only view powerful enough to invalidate the pessimistic perspective mentioned above and initiate an upswing for BTC.
