Data in the US last week showed that 263K jobs were added to the US economy in September, better than the markets had expected (the forecast was for 250K jobs).
This data is positive for the already strong US dollar, which was one of the main reasons behind the recent drop in financial market prices.
With the US dollar rising once morest the majority of G7 currencies, commodity and cryptocurrency prices have fallen, with demand weakening.
Traders are eagerly awaiting the release of the US inflation report, due on Wednesday, which will influence the Fed’s upcoming policy decisions.
Many believe that the Fed may raise interest rates by an additional 75 basis points, which is likely to boost the dollar’s strength further.
Bitcoin price predictions for october
At the time of publication, trading Bitcoin At less than $20,000, at $19,143, it is below the lower support level at $19,300.
The move below this support comes following another support point was broken, with the 14-day Relative Strength Index (RSI) moving below 46.30 points.
Looking at the chart, it appears that the index’s next stop is 43.00, and if this level is reached, Bitcoin price will likely drop below $19,000.
With the bitcoin price continuing to decline, the 10-day moving average (coloured in red in the above chart) has now begun to change course, with a previous bullish crossover, beginning to turn bearish.
If this momentum continues to decline, Bitcoin price forecast is for a drop towards its June low of $17,895.
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