PANews reported on September 30 that according to The Block, BTC Markets crypto analyst Rachael Lucas said that Bitcoin seems to be overbought on the daily chart, and the price has begun to fall after reaching a high of $66,498 last Friday. Since last week, the momentum has weakened; Ethereum also faces the challenge of restoring momentum. Ethereum lost momentum after breaking through the 50-day simple moving average last week. At the same time, investors are paying attention to two key macroeconomic events this week: Federal Reserve Chairman Powell’s speech at the National Association for Business Economics at 01:55 Beijing time on Tuesday, and the US non-farm payrolls report released at 20:30 Beijing time on Friday.
Lucas said that Powell's remarks, especially those on inflation and interest rates, often affect the market, and cryptocurrencies are no exception. Any hawkish tone could further exacerbate risk aversion, leading to today's decline.
