October 6 $BTC Comprehensive Market Analysis
✊ News:
Friday’s nonfarm payrolls report is the main focus. The U.S. added about 29,000 jobs in September, versus expectations of around 84,000–90,000; the unemployment rate rose from 4.1% to 4.2%.
The 30-year Treasury yield remains near 5.4%, its highest level since 2004, making the opportunity cost of holding non-yielding assets relatively high.
On October 2, the SEC approved the listing of Volatility Shares’ 3x Bitcoin futures ETP on Cboe BZX.
On October 1, Citi raised its 12-month target from $82,000 to $113,000.
The Fear & Greed Index was around 72 over the weekend, still in the greed zone.
This week’s highlight is Wednesday’s FOMC minutes.
✊ Fund Flows:
BlackRock’s IBIT saw inflows of about $450 million last week, while Fidelity’s FBTC saw outflows of about $168 million. Cumulative net inflows are about $57.8 billion, with total ETF assets of about $108.9 billion, or roughly 6.4% of Bitcoin’s market capitalization. Spot Ethereum ETFs recorded net outflows of about $138 million last week.
✊ Technical Analysis:
Bitcoin has been consolidating around this level for more than half a month. During this period, I’ve been reminding everyone to watch whether it can hold above 86,700. If it can’t, be mindful of the risks. Price is currently hovering around the 86,700 resistance level. My view remains unchanged: I believe the risk at this level outweighs the opportunity. Support below lies between 82,300 and 78,500, so if you’re looking to buy the spot-market dip, be patient and wait. Keep following me, and I’ll share potential entry and exit opportunities.
✊ News:
Friday’s nonfarm payrolls report is the main focus. The U.S. added about 29,000 jobs in September, versus expectations of around 84,000–90,000; the unemployment rate rose from 4.1% to 4.2%.
The 30-year Treasury yield remains near 5.4%, its highest level since 2004, making the opportunity cost of holding non-yielding assets relatively high.
On October 2, the SEC approved the listing of Volatility Shares’ 3x Bitcoin futures ETP on Cboe BZX.
On October 1, Citi raised its 12-month target from $82,000 to $113,000.
The Fear & Greed Index was around 72 over the weekend, still in the greed zone.
This week’s highlight is Wednesday’s FOMC minutes.
✊ Fund Flows:
BlackRock’s IBIT saw inflows of about $450 million last week, while Fidelity’s FBTC saw outflows of about $168 million. Cumulative net inflows are about $57.8 billion, with total ETF assets of about $108.9 billion, or roughly 6.4% of Bitcoin’s market capitalization. Spot Ethereum ETFs recorded net outflows of about $138 million last week.
✊ Technical Analysis:
Bitcoin has been consolidating around this level for more than half a month. During this period, I’ve been reminding everyone to watch whether it can hold above 86,700. If it can’t, be mindful of the risks. Price is currently hovering around the 86,700 resistance level. My view remains unchanged: I believe the risk at this level outweighs the opportunity. Support below lies between 82,300 and 78,500, so if you’re looking to buy the spot-market dip, be patient and wait. Keep following me, and I’ll share potential entry and exit opportunities.