Bitcoin (BTC) Market Sentiment Turns Bullish, US Economic Calendar in Focus

As we mentioned Friday, the crowd's sentiment toward Bitcoin had been particularly bullish, indicating a high top probability for crypto markets.

As discussed Friday, the crowd’s sentiment toward Bitcoin has been particularly bullish, suggesting a high top probability for crypto markets. With Monday’s retrace, there are some expected panic sells. If the FOMO turns to FUD, the bull market should resume quickly.

The market sentiment toward the US economy, Fed rate path, geopolitics, and supply-demand trends remains crucial for BTC and the broader market.

US Economic Calendar And Its Impact On BTC

Looking ahead to October 1, US labor market data and FOMC Member commentary may influence BTC demand.

Weaker-than-expected JOLTs Job Openings could refuel bets on a 50-basis point November Fed rate cut, supporting a BTC return to $65,000. Conversely, a sharp pullback in job openings may reignite fears of a hard US landing, possibly sending BTC below $60,000.

Beyond the data, investors should track FOMC Member commentary. Insights into the Fed rate path would likely influence BTC demand.

Investors should remain alert, with upcoming US economic indicators, US BTC-spot ETF flows, and supple-demand trends likely to affect buyer demand for BTC and the broader market. Stay updated with our latest news and analysis to manage your BTC and crypto exposures.

Technical AnalysisBitcoin AnalysisBTC hovers above the 50-day and 200-day EMAs, sending bullish price signals.A breakout from the $64,000 resistance level would support a move toward the September 27 high of $66,520. Furthermore, a return to $66,520 could give the bulls a run at the $69,000 resistance level.Investors should consider the US economic calendar, news from the Middle East, Mt. Gox chatter, and US BTC-spot ETF market flows.Conversely, a break below the 50-day EMA may signal a drop toward the $60,365 support level.With a 55.61 14-day RSI reading, BTC could climb to $67,500 before entering overbought territory.

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