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As a leading source for in-depth analysis of the stock market, trading strategies, and Wall Street news, Extreme Investor Network is here to provide you with unique insights and valuable information to help you navigate the complex world of investing. In this blog post, we will discuss the impact of the US Economic Calendar on BTC and provide a technical analysis of Bitcoin’s current price movements.
US Economic Calendar and Its Impact on BTC
It’s essential for investors to keep a close eye on the US economic calendar, as upcoming data releases can have a significant impact on the cryptocurrency market, including Bitcoin. On Wednesday, October 1, all eyes will be on the US labor market data, specifically the ADP employment figures. Economists are predicting a 120k increase in September, an improvement from the 99k increase in August.
Positive numbers could potentially reduce expectations of aggressive Fed rate cuts, leading to a decrease in demand for riskier assets. Additionally, investors should monitor FOMC member commentary and stay updated on news related to the ongoing conflict in the Middle East for any potential market-moving developments.
For traders looking to manage their BTC and crypto exposures, it is crucial to pay attention to ETF inflows, as they can influence short-term demand for Bitcoin and the broader market. Stay informed with our latest news and analysis to make well-informed investment decisions.
Technical Analysis
Bitcoin Analysis
In our technical analysis of Bitcoin, we observe that BTC is currently below the 50-day Exponential Moving Average (EMA) but remains above the 200-day EMA. This sends mixed signals, with bearish near-term expectations but bullish longer-term prospects.
Speculation is rising on whether Bitcoin will break above the $64,000 resistance level in light of upcoming economic data. A move above the 50-day EMA could propel BTC towards $64,000, with further upside potential towards the September 27 high of $66,520.
Investors should take into consideration the US economic calendar, developments in the Middle East, and market flows of US BTC-spot ETFs when making trade decisions. Conversely, a breach of the $60,365 support level could trigger a downtrend towards the 200-day EMA, potentially leading to a drop to $55,000.
With Bitcoin’s 14-day RSI currently at 47.47, there is a possibility of a further decline towards $55,000 before reaching oversold levels. Stay tuned for more updates and analysis from Extreme Investor Network to stay ahead of the market trends.
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