{"id":17377,"date":"2024-09-30T10:55:48","date_gmt":"2024-09-30T07:55:48","guid":{"rendered":"https:\/\/forklog.com\/en\/fed-chairs-speech-and-us-employment-data-to-influence-bitcoins-trajectory\/"},"modified":"2024-09-30T10:55:48","modified_gmt":"2024-09-30T07:55:48","slug":"fed-chairs-speech-and-us-employment-data-to-influence-bitcoins-trajectory","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/fed-chairs-speech-and-us-employment-data-to-influence-bitcoins-trajectory\/","title":{"rendered":"Fed Chair’s Speech and US Employment Data to Influence Bitcoin’s Trajectory"},"content":{"rendered":"

The upcoming speech by Federal Reserve Chair Jerome Powell on September 30 and the US employment report at the end of the week are poised to be pivotal factors for the cryptocurrency market in the coming days, according to The Block<\/a>.<\/p>\n

Rachel Lucas from BTC Markets attributed the retreat from the $66,500 mark reached on September 27 to the current $64,500 level to an overbought condition following a sharp rise after breaking above the 50 DMA<\/span>.<\/p>\n

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\u201cAny hawkish tone [from the Fed Chair’s speech] could further weaken risk sentiment,\u201d<\/em> she warned.<\/p>\n<\/blockquote>\n

Augustin Fan, head of analytics at SOFA.org, expressed skepticism about the significant impact of Powell’s comments. He believes they will echo his speech following the Federal Reserve’s decision to cut the key rate by 50 basis points.<\/p>\n

The expert highlighted the continued favorable outlook for the digital asset market in the fourth quarter due to a \u201cfriendly macroeconomic backdrop\u201d and statements of support for the industry from US presidential candidate Kamala Harris. Investors will shift to a \u201cbuy the dip\u201d strategy, he added.<\/p>\n

Revival in the ETF Sector<\/strong><\/h2>\n

Inflows into spot Bitcoin ETFs from September 23 to 27 amounted to $1.11 billion<\/a>. The positive trend continued for the third consecutive week.<\/p>\n

\"1-1227\"
Data: SoSoValue.<\/figcaption><\/figure>\n

The cumulative inflow since the approval<\/a> of BTC-ETFs in January has increased to $18.8 billion.<\/p>\n

Inflows into spot Ethereum ETFs from September 23 to 27 amounted to $84.5 million<\/a>. Positive dynamics were recorded after six weeks of outflows.<\/p>\n

\"2-902\"
Data: SoSoValue.<\/figcaption><\/figure>\n

The net outflow from instruments over the entire period increased to $523 million.<\/p>\n

Overly Bullish Sentiment<\/strong><\/h2>\n

Analysts at Santiment identified the rise in the sentiment index to a multi-month high as an obstacle to Bitcoin reaching its ATH<\/span>. According to their calculations, optimistic comments on social media are 1.8 times more frequent than pessimistic ones.<\/p>\n

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? If you’re awaiting Bitcoin’s new all-time high, it may need to wait until the crowd slows down their own expectations. There are currently 1.8 bullish posts toward BTC for every 1 bearish post. Markets historically always move the opposite direction of crowd’s expectations. pic.twitter.com\/ZxDxalgmzb<\/a><\/p>\n

\u2014 Santiment (@santimentfeed) September 29, 2024<\/a><\/p><\/blockquote>\n