Developments Causing Uncertainty in Bitcoin (BTC)! What is the Market's Expectation?
Summary
Bitcoin (BTC) price retested $28,000 on positive US labor market data.
The stance the FOMC will take at its November meeting may be shaped by September CPI data, which may affect the movement of BTC.
BTC is trying to stabilize the price imbalance by defending the demand area between $27.0K and $27.2K.
Market impact: Neutral (Btc) price rose sharply following the resilient US labor market in September and retested $28,000. According to the U.S. Bureau of Labor Statistics (BLS), September payroll employment increased by 336,000 and unemployment remained at 3.8%. Effects of US Data on BTC
Positive employment data could lead the FOMC to take a hawkish stance at its next meeting in November. However, September CPI (Consumer Price Index) data, which is expected to be published on October 12, may clarify the Fed's interest rate decision in November. In his recently released BTC price movement analysis, he correctly predicted a rise above $28,000 before a pullback towards $27.5,000 due to the liquidity effect. BTC has shown a tendency to retest price imbalances or liquidity areas. Buyers used price volatility between $27.0K and $27.2K since October 2nd to re-enter the market.
The recent rejection and high of $28.5K was also the previous low in early August. Above the level, there is further price volatility between $28.7K and $29.0K, which is capping the daily decline OB of $29.0K to $30.4K. #Bitcoin #Binance
Summary
Bitcoin (BTC) price retested $28,000 on positive US labor market data.
The stance the FOMC will take at its November meeting may be shaped by September CPI data, which may affect the movement of BTC.
BTC is trying to stabilize the price imbalance by defending the demand area between $27.0K and $27.2K.
Market impact: Neutral (Btc) price rose sharply following the resilient US labor market in September and retested $28,000. According to the U.S. Bureau of Labor Statistics (BLS), September payroll employment increased by 336,000 and unemployment remained at 3.8%. Effects of US Data on BTC
Positive employment data could lead the FOMC to take a hawkish stance at its next meeting in November. However, September CPI (Consumer Price Index) data, which is expected to be published on October 12, may clarify the Fed's interest rate decision in November. In his recently released BTC price movement analysis, he correctly predicted a rise above $28,000 before a pullback towards $27.5,000 due to the liquidity effect. BTC has shown a tendency to retest price imbalances or liquidity areas. Buyers used price volatility between $27.0K and $27.2K since October 2nd to re-enter the market.
The recent rejection and high of $28.5K was also the previous low in early August. Above the level, there is further price volatility between $28.7K and $29.0K, which is capping the daily decline OB of $29.0K to $30.4K. #Bitcoin #Binance