Bitcoin Outlook for October: Dollar Still Strong, Fed Rate Raise Gives Crypto Bears the Edge
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Answer Bitcoin Outlook for October: Dollar Still Strong, Fed Rate Raise Gives Crypto Bears the Edge
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 was 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 against the majority of G7 currencies, commodity and cryptocurrency prices fell, with demand weakening.
Tomorrow Wednesday, traders will be glued to their screens waiting for the US inflation report, which may 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.
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Bitcoin forecast for October:
At the time of writing, Bitcoin is trading at less than $20,000, at $1,938, which is below the estimated minimum support at $19,300.
The move below this support comes after another support point was broken, with the 14-day Relative Strength Index (RSI) moving below 46.30 points.
Given the graphThe index’s next stop appears to be 43.00, and if this level is reached, Bitcoin will likely be below $19,000.
As Bitcoin continues to slide, the 10-day moving average (coloured in red in the above chart) is now beginning to change course, with a previous bullish crossover, beginning to turn bearish.
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If this momentum continues to decline, Bitcoin is forecast to drop towards its June low of $17895.
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