Bitcoin · Federal Reserve (FED) · Wall Street · Decrypt
Bitcoin Heads Higher on Macro Moves: Where Does BTC Go Next?
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Bad news for the economy is, once again, good news for risk assets.
Key facts
- Bitcoin is up 1.57% on the day, trading at $86,152.75 after opening at $84,824.05
- The total crypto market cap is above $3 trillion, up 2.5% in 24 hours, and the Fear & Greed Index reads 71, firmly in "greed" territory
- That September high came at the end of a rally from the $74,977.57 swing low, a 16.5% climb
- Today's candle has already tested a high of $87,173.15, shy of the $87,354.33 September high that marks the top of the range, the yearly resistance bulls need to clear
Summary
The U.S. added only 29,000 jobs in September versus 84,000 expected, and odds of an October Fed hike plunged to roughly 14% from 70% earlier this week. Bitcoin trades at $86,152, about 1.4% below its $87,354 September high. The U.S. added 29,000 jobs in September, far below the 84,000 economists expected. Wall Street's reading: the pressure to keep hiking rates eased, which generally bodes well for risk assets like Bitcoin.