BTC Weekly Update
Last week, Bitcoin (BTC) saw a notable development as it closed forming a new higher low at $60,300 after the weekly closure. This marks the third higher low on the daily time frame, following a previous one at $58,200.
As the new week began, BTC rallied up to $64,300 on Monday, where it encountered resistance, failing to break through this key zone. At present, Bitcoin is ranging around $62,100, a support zone on the daily time frame. Zooming into the 4-hour time frame, BTC finds additional support between $60,800 and $61,481. The critical question remains: will BTC hold these support zones, or will it drop below $60,800 and retest the $60,400 support level once again?
In case BTC does get upward momentum, 64,300 and 65,800 will be key zones to watch and see what happens.
Fundamental News Drivers this Week
There are several significant fundamental events that could influence BTC’s movements this week:
- FOMC Meeting Minutes: Wednesday, 9th October, at 2100 EAT.
- CPI Announcement: Thursday, 10th October, at 1530 EAT.
- Unemployment Data: Friday, 11th October, at 1530 EAT.
These events could inject volatility into the market, making this a pivotal week for BTC’s short-term direction.
USDT Dominance
On the daily time frame, USDT dominance is currently finding support at 5.45%. While it was expected to top around 6.08%, it appears to be forming a temporary top at 5.90%. However, this cannot yet be confirmed as a top, since USDT dominance hasn’t dropped below the 5.40% or 5.20% levels.
On the 4-hour time frame, the dominance is clearer—it is finding support between 5.45% and 5.51% and is currently ranging at 5.64%. If USDT dominance rises to levels around 5.77% or higher, we can expect BTC to drop.
In previous technical analyses, key support zones have been highlighted should BTC lose the $60,000 support area.
Market Sentiment
As of now, despite the early excitement around “Uptober,” October hasn’t delivered as many traders had hoped. Instead of a smooth rally, BTC is facing challenges. The Fear and Greed Index currently stands at 41 (Neutral) on the daily time frame, reflecting a cautious sentiment in the market.
This week will be critical in determining whether Bitcoin holds the current support levels or undergoes further correction amidst fundamental news releases. Stay alert to these levels and news events as they unfold.
MD_DELICACIES
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