Welcome to Extreme Investor Network, where we provide you with unique insights and analysis on the latest trends in the stock market, trading, and Wall Street. Today, we are diving into the recent movements in the US equity markets and how upcoming events could impact BTC prices.
The US equity markets experienced modest losses on Thursday, with the Nasdaq Composite Index slipping by 0.04%. As we head into Friday, all eyes are on the US Jobs Report and developments in the Middle East.
The US Jobs Report, set to be released on October 4, is expected to be a key driver for market sentiment. Tighter labor market conditions could impact bets on a potential Fed rate cut in November. Economists anticipate the US unemployment rate to remain at 4.2% in September, with nonfarm payrolls expected to increase by 140k.
Moreover, rising expectations of geopolitical tensions in the Middle East and shifting bets on a Fed rate hike could influence BTC prices. Keep a close watch on the US BTC-spot ETF flow trends as they could play a crucial role in determining short-term demand for BTC and the broader market.
In terms of technical analysis, BTC is hovering below the 50-day EMA but remains above the 200-day EMA, indicating a bearish near-term yet bullish longer-term trend. A potential break above the 50-day EMA could pave the way for a test of the $64,000 resistance level and beyond. On the flip side, a drop below the $60,365 support level could lead to a further decline towards $55,000.
With a 45.22 14-day RSI reading, BTC could potentially see a dip to $55,000 before entering oversold territory. As investors, it’s crucial to stay informed about key economic indicators, geopolitical developments, and market flows to make informed decisions.
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