Bitcoin’s Potential Influencing Factors: A Weekly Overview
Bitcoin’s Stability Amidst Geopolitical Uncertainty
Bitcoin (BTC) has started the second week of October with a 4% increase compared to the previous month, as geopolitical instability proves to be a market reference point. Despite ongoing tensions in Israel, BTC’s price remains stable at $28,000. However, the market’s reaction to the conflict could potentially disrupt this stability. So far, Bitcoin has not shown a significant response, trading within a narrow range over the weekend. Nevertheless, this situation might change soon, as Wall Street opens amidst rising oil and gold prices, as well as a strong US dollar. Additionally, upcoming macroeconomic factors, such as the release of the US Consumer Price Index (CPI) for September, will play a crucial role. Following last week’s surprising employment data, this reading holds even more significance for the Federal Reserve. Meanwhile, Bitcoin’s on-chain parameters indicate interesting phases, as it operates within a key range that has acted as a pivotal area since 2021. Let’s explore these and other potential determining factors for BTC’s price in this weekly review.
A “Illiquid and Choppy” Bitcoin Ends its First Week of Trading
Over the weekend, market participants focused on the sudden outbreak of the conflict in Israel, and as markets reopened, the debate was already underway. However, Bitcoin has not yet shown any tangible reaction to these ongoing events, as evidenced by data from Cointelegraph Markets Pro and TradingView. BTC’s price has remained around $28,000 since Friday, with this level remaining crucial for traders hoping for a support recovery.
Hourly BTC/USD Chart. Source: TradingView
“Nothing special happened this weekend,” summarizes Daan Crypto Trades on X (previously Twitter) during the weekly closure.
Read the full article on Cointelegraph here.