Bitcoin Price Outlook for October — Strong Dollar and Fed Rate Hike Gives Bears the Advantage

Ten days into October, and up of this Wednesday’s U.S. ostentation report, bitcoin prices fell to a one-week low. Prices of the world’s starring crypto plus were mostly successful the reddish during September, trading beneath $20,000 for the bulk of the month. As of writing, bitcoin continues to hover astatine these lows, with galore traders wondering whether we volition spot immoderate important surge this month.

Current Market Status

Last week U.S. non-farm payrolls showed that 263,000 jobs were added to the U.S. system successful September, amended than the 250,000 markets had expected.

This information was affirmative for an already strong U.S. dollar, which has been 1 of the main reasons down the caller diminution successful prices.

As USD gained against the bulk of G-7 currencies, prices of commodities, and cryptocurrencies declined, arsenic request weakened.

On Wednesday, traders volition beryllium glued to their screens awaiting the merchandise of the U.S. ostentation report, which could interaction the Federal Reserve’s upcoming argumentation decisions.

Many judge that the Fed could rise rates by an further 75 ground points (bps), which volition apt further fortify the greenback.

October Outlook

As of penning this, BTC/USD is presently trading beneath $20,000, astatine a terms of $19,259.97, which is marginally beneath a level of $19,300.

The determination beneath this level comes aft different constituent of enactment was broken, with the 14-day comparative spot scale (RSI) present moving nether its 46.30 point.

Looking astatine the chart, the adjacent halt for the scale appears to beryllium 43.00, and should this people beryllium hit, BTC volition apt beryllium nether $19,000.

BTC/USD – Daily Chart

As bitcoin (BTC) continues to determination lower, the 10-day (red) moving mean is present starting to displacement course, with a erstwhile upwards crossover, opening to crook bearish.

Should this momentum proceed to determination downward, past we could spot bitcoin determination toward June’s debased of $17,895.

Do you expect bitcoin to determination higher, adjacent if the Federal Reserve keeps hiking rates? Let america cognize your thoughts successful the comments.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This nonfiction is for informational purposes only. It is not a nonstop connection oregon solicitation of an connection to bargain oregon sell, oregon a proposal oregon endorsement of immoderate products, services, oregon companies. Bitcoin.com does not supply investment, tax, legal, oregon accounting advice. Neither the institution nor the writer is responsible, straight oregon indirectly, for immoderate harm oregon nonaccomplishment caused oregon alleged to beryllium caused by oregon successful transportation with the usage of oregon reliance connected immoderate content, goods oregon services mentioned successful this article.