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

Ten days into October, and ahead of this Wednesday’s U.S. inflation report, bitcoin prices fell to a one-week low. Prices of the world’s leading crypto asset were mostly in the red during September, trading below $20,000 for the majority of the month. Many traders wonder if bitcoin will experience a significant increase this month, as it continues to trade at such low levels.

The current market status

U.S. nonfarm payrolls last week showed 263,000 more jobs in September than was expected.

The data showed that the U.S. currency was still strong, and this has contributed to the recent drop in the prices.

USD rose against most G-7 currencies. As a result, commodities and cryptocurrencies saw their prices decline, while demand fell.

On Wednesday, traders will be glued to their screens awaiting the release of the U.S. inflation report, which could impact the Federal Reserve’s upcoming policy decisions.

Many people believe the Fed may raise rates another 75 basis points (bps), which could further strengthen the greenback.

October Outlook

BTC/USD trades below $20,000 at $19259.97 as of this writing, just marginally lower than the floor of $19,000.

After another support point was broken, the 14-day relative weakness index (RSI), now moves below its 46.30 mark.

The chart indicates that 43.00 is the next stop on the index. Should this mark be reached, BTC could be below $19,000

Bitcoin Price Outlook for October — Strong Dollar and Fed Rate Hike Gives Bears the Advantage
BTC/USD – Daily Chart

Bitcoin (BTC), which continues to decline, is starting to change course. The 10-day (redd) moving average, which had previously crossed the upwards axis, has begun to become bearish.

Should this momentum continue to move downward, then we could see bitcoin move toward June’s low of $17,895.

This story contains tags
Analysis: Bitcoin, BTC Fed, Fed rate rise, market analysis. Markets. October. Outlook. Prices and Markets. Strong Dollar. Technical Analysis.

What do you think about bitcoin moving higher even though the Federal Reserve continues to hike rates? We’d love to hear your comments.

Eliman Dambell

Eliman is a market analyst with a diverse perspective. He has previously been a broker director and taught retail trading. He currently acts as an analyst for various asset types, such as Crypto, Stocks, FX.

Credits for the imageShutterstock. Pixabay. Wiki Commons

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