Yo, for real, it’s like bad news for the economy is, once again, legit good news for risk assets. Bitcoin, the OG crypto, is totally vibing with this trend, especially after some wild macro moves. The U.S. jobs report for September came in way lower than expected, with only 29,000 new jobs against an anticipated 84,000. This shift is straight up impacting the Bitcoin Price and setting the stage for what many are calling ‘Uptober’, a notoriously bullish month for the crypto king.
This jobs report wasn’t just a miss; previous months’ figures also saw significant downward revisions, and unemployment ticked up to 4.2%. Wall Street’s clear reading: the pressure on the Federal Reserve to keep hiking interest rates just eased. Despite a Fed rate hike in September (the first since 2023), Bitcoin, as the article notes, shook it off far better than traditional markets. Key Fed officials have since suggested ‘no need for urgency’ for further hikes, indicating a potential policy shift.
This change in Fed sentiment has fueled market optimism. Odds for an October rate hike plummeted from 70% earlier this week to just 14% after the jobs report, based on CME FedWatch data. Prediction markets now show around 80% odds of the Fed holding rates steady on October 28. This potential pause in rate hikes is highkey what the crypto market needed to breathe, signaling reduced tightening.
And breathe it did! The total crypto market cap is hovering above $3 trillion, a solid 2.5% jump in 24 hours. The Fear & Greed Index is flashing 71, firmly in ‘greed’ territory, which is kinda fire if you’re holding. Plus, ETF flows are looking green with a reported +$102 million today, and Bitcoin’s dominance sits pretty at 59.1%. These indicators paint a seriously optimistic vibe for digital assets.
Diving into the charts, Bitcoin is up 1.57% today, trading at $86,152.75. It already tested $87,173.15, just shy of its September high of $87,354.33, the yearly resistance bulls need to clear, dude. The Average Directional Index (ADX) at 41.8 confirms a strong uptrend. Exponential Moving Averages (EMAs) show a bullish setup with the fast 50-day above the slower 200-day, indicating robust short-term momentum. The Relative Strength Index (RSI) is at 68.1, strong but knocking on the 70 line where traders lowkey take profits. The Squeeze Momentum Indicator is ‘off’ with a positive reading, meaning volatility has already popped off to the upside. Overall, the technical picture leans firmly bullish.
But, you know, the setup has trade-offs, for real. That RSI near overbought territory is a heads-up. The macro backdrop isn’t entirely dovish; a December hike is still the market’s base case, and yields remain elevated. Traders will want to see a daily close above $87,354 with ADX holding up before calling it a proper breakout. The Fed’s October 28 meeting remains the next big macro test. Keep your eyes peeled, folks.
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Darius Zerin specializes in business strategy, entrepreneurship, and market trends. He covers everything from startups to global finance, offering practical insights and forward-thinking analysis. His writing is designed to help readers stay ahead in a constantly evolving economic landscape.
