J Rod on Nostr: The major fundamental and macroeconomic elements to watch about #bitcoin . ...
The major fundamental and macroeconomic elements to watch about #bitcoin
. Fundamental Analysis
ETF Approval in the US:
The SEC is reviewing applications for several spot Bitcoin ETFs, and a potential approval could act as a major bullish catalyst. If approved, it would provide institutional investors easier access to Bitcoin, driving prices higher. The decision could come by mid-October.
• Macroeconomic Factors:
• US Federal Reserve’s Interest Rate Decisions: With inflation still a concern, any signal from the Fed about continued rate hikes in October could strengthen the dollar, potentially putting downward pressure on Bitcoin.
• US Dollar Strength (DXY): Bitcoin typically has an inverse correlation with the dollar index (DXY). If the dollar strengthens further due to positive economic data, Bitcoin may face bearish pressure in the short term.
Specific Events to Watch
• Bitcoin Spot ETF Decision (Mid-October): Keep an eye on the SEC’s ruling. Approval could be a game-changer.
• CPI Data Release (October 12): Inflation data from the U.S. could influence investor sentiment, especially regarding Bitcoin as a hedge.
• SBF Trial (October 3): The high-profile trial of FTX founder Sam Bankman-Fried may impact market sentiment, as any revelations about the broader crypto industry could create short-term volatility.
. Fundamental Analysis
ETF Approval in the US:
The SEC is reviewing applications for several spot Bitcoin ETFs, and a potential approval could act as a major bullish catalyst. If approved, it would provide institutional investors easier access to Bitcoin, driving prices higher. The decision could come by mid-October.
• Macroeconomic Factors:
• US Federal Reserve’s Interest Rate Decisions: With inflation still a concern, any signal from the Fed about continued rate hikes in October could strengthen the dollar, potentially putting downward pressure on Bitcoin.
• US Dollar Strength (DXY): Bitcoin typically has an inverse correlation with the dollar index (DXY). If the dollar strengthens further due to positive economic data, Bitcoin may face bearish pressure in the short term.
Specific Events to Watch
• Bitcoin Spot ETF Decision (Mid-October): Keep an eye on the SEC’s ruling. Approval could be a game-changer.
• CPI Data Release (October 12): Inflation data from the U.S. could influence investor sentiment, especially regarding Bitcoin as a hedge.
• SBF Trial (October 3): The high-profile trial of FTX founder Sam Bankman-Fried may impact market sentiment, as any revelations about the broader crypto industry could create short-term volatility.