Bitcoin fell beneath $20,000 and kickstarted a decline on October 5. The bears refused to abate, as Bitcoin might be set to mark its fourth straight day of losses. On Saturday, Bitcoin touched intraday lows at $19,259 while trading down at 19,350 at press time. Bitcoin struggles to close the first week of October-a month historically deemed positive-as it is barely up 1.57% on its weekly chart.
Cryptoanalyst Will Clemente wrote, ‘’This upcoming week is gonna be a fun one: PPI, FOMC minutes, CPI, initial jobless claims, and retail sales’’ while posting a schedule of events lined up for the week.
Per Arcane Research, the most important dates are related to the Oct. 13 CPI release and the Nov. 2 FOMC meeting. “BTC’s intraday volatility during last week’s FOMC meeting reached record highs.” “This shows why it’s worth paying attention to important macro events, and you should already mark the Sept U.S. CPI release on Oct 13 and the next FOMC press conference on Nov 2 in your calendar,” it wrote in Twitter comments.
Per the schedule shared by Santiment, U.S. CPI release dates for the rest of the year are Oct. 13, Nov. 10, and Dec. 13. Meanwhile, the dates for FOMC meetings are Oct. 12 (Fed FOMC meetings), Fed FOMC on Nov. 2 (interest rate decision), Nov. 23 (Fed FOMC minutes), and Dec. 14 (Fed FOMC meeting).
The FOMC dates matter as market observers indicate a “high risk” for Bitcoin during FOMC meetings
According to cryptoanalyst Ali, Bitcoin needs to hold $19k support to prevent a steep fall. ‘’bitcoin-The most significant support level is $19,000, where 1.3 million addresses bought over 680,000 BTC. BTC needs to hold above this demand zone as intotheblock IOMAP shows little to no support below it’’.
Cryptoquant CEO, Ki Young Ju, predicts when the next bull run might begin for Bitcoin. “The next Bitcoin parabolic bull run might begin when massive USDC flows into exchanges.” For now, 94% of the USDC supply is outside exchanges, some of which are owned by TradFis like BlackRock, Fidelity, Goldman Sachs, etc. They’ll move when they get orders from their clients’’.
He added, “Crypto-native stablecoins are flowing into exchanges for now.” For BUSD, 70% of the supply is in exchanges. USDT is 25%. The BUSD exchange reserve is growing despite bear markets, which might indicate that crypto-natives are accumulating some coins’’.
Whether Bitcoin will go on a parabolic move before the end of 2022 remains unseen given the current macroeconomic uncertainty.
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
