Holding Bitcoin right now is hoping that the BTC USD price will weather the wave of selling seen in the past few days. True, it has never been the same since the decimation of October 10.
The good news is this: Every day, there is a macro event, a news feed that prop up prices. The Bitcoin price is tight above $105,000, and at some point this week, the BTC USD price spiked to as high as $113,000. This leg up is the kind of price action everyone wants to see.
On Coingecko, Bitcoin bulls are confident. Although prices are relatively stable, the losses of the past week have yet to be fully reversed. What’s needed is a solid, high-volume close above this week’s high for that light to illuminate the entire crypto scene.
(Source: Coingecko)
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Jobless Claims Ahead Of FOMC Meeting: What’s Next For the BTC USD Price?
Whether you are an astute trader or a gambler, chasing that god candle and using 1000X leverage, timing the market isn’t often what makes you money. Instead, watching how macro events impact price action tends to provide more opportunities.
Later on today, crypto traders, including those holding some of the best cryptos to buy, will be on their desks trading a key news event: Jobless claims.
The Department of Labor will release the initial jobless claims for the week ending October 18, and according to economists, the numbers will be worse. Their estimate is that claims will rise to 223,000 versus 218,000 the week prior. However, the four-week moving average for this reading will hold steady at around 237,500.
(Source: TradingEconomics)
If the print is below economists’ estimates, it could signal continued labor market strength, tempering expectations of an aggressive rate cut at the end of the month. As Jerome Powell and the team insist, they are data-driven, and part of their job is to watch how the labor market performs, adding in inflation data before deciding whether to ease or tighten.
Economists are pricing a +97% chance of a 25 basis point decrease in late October, and if there is weakness today, the Federal Reserve will likely slash rates. In the last FOMC meeting, Powell said the downside risks to employment were increasing. The balance of risks has subsequently shifted.
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Time To Buy This 1000X Token? Bitcoin Hyper Raises $24.6M As Some Whales Buy Spot Bitcoin ETFs
Ahead of this definitive meeting, institutions and big money are still bearish on Bitcoin. Over $101M worth of spot Bitcoin ETF shares were redeemed.
Notably, while there were outflows on October 22, BlackRock’s IBIT and Valkyrie’s BRRR, posted inflows.
(Source: SosoValue)
If the BTC USD price ticks higher today, ideally closing above $110,000, savvy investors could consider doubling down on potential 1000X projects.
On their radar is Bitcoin Hyper, a layer-2 for Bitcoin built by an ambitious team of developers who want to merge the security of the first blockchain with the scalability of Solana.
By leveraging the Solana virtual machine and using zero-knowledge proofs to build a Canonical bridge, BTC holders can now participate in DeFi, earning yield in addition to expected capital gains.
Over $24.6M is being raised in the ongoing Bitcoin Hyper presale, which ends in less than eight hours.
Each HYPER token is trading for $0.013155, and those who buy and stake now will earn a +48% yield.
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BTC USD Price Jobless Claims: Bitcoin Hyper Raises Over $24.6M
- BTC USD price stable below $110,000
- Jobless Claims report expected today
- Economists expect the Fed to slash rates in late October
- Bitcoin Hyper raises over $24.6M
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