Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Price Ticks Up Ahead
of U.S• Соединённые Штаты Америки (США).
Jobs Report as Sell-Off ‘Nearing
its End’
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Price Ticks Up Ahead of U.S• Соединённые Штаты Америки (США). Jobs Report as Sell-Off ‘Nearing its End’
Crypto investors are nervously awaiting the release of the September jobs
report, and the Fed’s response regarding rate cuts in November.
By Murtuza Merchant
Oct 4, 2024 Oct 4, 2024
4 min read
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin. Image: Shutterstock
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Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin edged up to highs of $61,600 in early European trading today, as
investors nervously await the U.S• Соединённые Штаты Америки (США). Bureau of Labor Statistics' release of
the September jobs report.
At time of publication, the price of Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin has pulled back to around
$61,300, up 1% on the day, per data from CoinGecko .
Market experts believe this data could play a pivotal role in shaping the
Federal Reserve's policy direction in the coming months, potentially
affecting crypto prices.
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Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum also showed a slight uptick, rising by 1.1% to $2,375. However, both
cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта have experienced declines over the past week , with Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin
down 7% and Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum down 11% , according to data from CoinGecko.
Scheduled for 8:30 a.m. ET, the September jobs report is expected to provide
clues on how aggressive the Federal Reserve will be regarding interest rate
cuts in November .
Economists predict a slight decline in new nonfarm payrolls from 142,000 in
August to 140,000 in September, while the unemployment rate is expected to
hold steady at 4.2%.
The Federal Reserve’s response to these figures will be crucial for the crypto
market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта, as a stable economic outlook may prompt a more measured rate-cut
cycle, which analysts believe could provide a favorable environment for a
rebound in crypto prices.
Despite the recent market turbulence, some analysts indicate that Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin
might be on the verge of a short-term recovery.
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CryptoQuant's analysis of the Coinbase Premium Index suggests that demand
from U.S• Соединённые Штаты Америки (США).-based investors remains strong. "The continued rise in demand from
U.S• Соединённые Штаты Америки (США).-based investors suggests renewed upward pressure," CryptoQuant analysts
noted, adding that the daily moving average has crossed above the weekly
moving average—a pattern historically linked with subsequent price increases.
This aligns with the current market environment, where Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin recently
corrected from $66,000 to $61,000 at the start of October. CryptoQuant's
analysis implies that these conditions could herald a short-term recovery in
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s price.
However, recent ETF flows indicate a market in flux.
On October 3, U.S• Соединённые Штаты Америки (США). Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin spot ETFs saw a third consecutive day of net
outflows. In total, $54.1 million exited the investment• Экономика » Финансы » Инвестиции products, with (FBTC)
seeing outflows of $37.2 million and (ARKB) recording a significant outflow of
$57.9 million, according to data from SoSo Value .
In contrast, (IBIT) reported inflows of $35.9 million, signaling that some
investors still see value in Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin amid the broader sell-off. Meanwhile,
Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum spot ETFs reported total net outflows of $3.1 million, highlighting
cautious investor• Экономика » Финансы » Инвестиции » Инвестор sentiment across major cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта.
Sell-off ‘nearing its end’
Analysts at 10x Research present a cautiously optimistic view, suggesting that
the current sell-off may be nearing its conclusion. They point out that
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin has a history of corrections reversing between the 5th and 7th of each
month, hinting that a turning point could be near.
"The early-month sell-off is nearing its end, as lows typically occur between
the 5th and 7th of each month," 10x Research said. They also note that weak
ISM manufacturing data and concerns over U.S• Соединённые Штаты Америки (США). employment have contributed to
recent market declines. However, they argue that "evidence is growing that
U.S• Соединённые Штаты Америки (США). economic growth remains solid," which might lead to a more gradual
rate-cut cycle by the Federal Reserve.
Meanwhile, institutional investors, particularly OTC desks, are playing a
significant role in the recent market movement, with data indicating that
these desks have been actively selling Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin, contributing to its price drop
from $65,000 to $61,000. However, as balances on these desks begin to rebuild,
the sell pressure appears to be easing .
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10x Research added that Investor• Экономика » Финансы » Инвестиции » Инвестор sentiment seems relatively calm, as implied
volatility remains low and demand for put options is minimal—suggesting
limited concern over further downside risks . The research firm’s analysts
added that this view aligns with the historical trend where liquidations in
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin futures often signal market lows, hinting that the current sell-off
might be winding down.
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