Bitcoin jumped to a record, stimulated by safe bets, an increase in funds negotiated in exchange and the growing index of fear and greed.
Summary
- The latest wave of Bitcoin highlights a renewed wave of optimism of investors motivated by improving the feeling of the market, expectations of federal reserve rate cuts and assembly of ETF entries.
- The convergence of macroeconomic tail winds, seasonal strength and risk appetite has positioned the BTC for another higher potential leg – indicating that the largest cryptocurrency in the world can enter a new phase of dynamics led by the institution.
The price of bitcoin increases as the index for fear of crypto and skipidity jumps
Bitcoin (BTC) Price continued its solid rally while investors have adopted a feeling of risk. This feeling is seen in the index of fear and greed of the increasing crypto, which went from the area of fear of 39 in September and approach the area of greed of 60.
Bitcoin and other cryptocurrencies normally jump each time the index is upward trend. The gains accelerate each time it moves to the extreme greed area.
BTC Price also jumps because investors have adopted it as an asset with safe fire like gold. Proof of this is that the entries in the BTC ETF spot continued to increase as the government closed has occurred.
Sosovalue data show that these ETFs added more than $ 3.2 billion in assets, which brought its total entries to more than $ 60 billion. The Ibit of Blackrock has more than $ 96 billion in assets and is now in the top 20 of the biggest ETFs in the world.
Bitcoin Price has also reached a record because investors predict that the Federal Reserve will reduce interest rates this month. It has already reduced rates to 0.25%, bringing the reference rate between 4.0%and 4.25%.
The possibility of more rate drops increased after the ADP and the work statistics office published low job figures. A BLS report has shown that the number of unemployed Americans is greater than the number of vacant positions.
Another ADP report showed that the economy had lost 36,000 jobs in September after losing more than 3,000 a month earlier. These figures meant that the labor market is getting worse, which will put pressure on the Fed to act.
The seasonality has also played a role in the Rallye in progress Bitcoin Price. Historically, Bitcoin is doing well in October and the fourth quarter.
Technical analysis of the price BTC
The weekly graph shows that the BTC price was in a strong bull race this year. He now jumped at a record summit of more than $ 125,500, moving away from the upper side of the Haussier flag model.
The price of Bitcoin has also passed at the opposite point of the strong pivot of the Murrey Math Lines tool and remains above all mobile averages.
Therefore, the most likely scenario is the place where the medal continues to go up while the bulls target the ultimate resistance to $ 150,000. A movement above this level will indicate more gains in terms of extreme overtaking at $ 175,000.
