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- Bitcoin price has bounced over 3.3% in 24 hours to $113,356, with Glassnode noting that weekend short positions between $110K–$111K were liquidated.
- Despite the positive momentum, analysts warn that a CME gap around $110,000 could act as a short-term resistance.
This week is going to be big and decisive for Bitcoin (BTC) and the broader crypto market to stage the next leg of the rally. Several critical U.S. economic events are set to influence market sentiment, starting from the Fed governor Jerome Powell’s speech to key data disclosures for U.S. job openings and unemployment rate.
Most of this week’s events focus on the labor market, which could impact expectations for interest rate cuts. A strong labor market may reduce rate cut odds, while continued weakness could increase the likelihood of cuts. This will ultimately decide in which direction the market swings.
Key Macro Events to Influence Bitcoin Price Trajectory
This week is going to be action-packed for the US market, and thus the overall crypto market. Below are some of the key events to keep a watch on in order.
- September 29: Speeches from two Federal Reserve presidents and one Fed governor.
- September 30: Release of U.S. job openings data.
- October 2: Initial jobless claims report.
- October 3: U.S. unemployment data.
Bitcoin price is showing signs of a strong bounce back, gaining over 3.3% in the last 24 hours and is currently trading at $113,356 levels, catching up with Gold rally, per the CNF report. Despite, the brutal September volatility, Bitcoin has survived well and could potentially close the month in positive territory.
Historically, the month of October has been bullish for Bitcoin price rally and the broader crypto market, commonly referred to as Uptober. In 10 out of the past 12 years, Bitcoin has given a positive return in the month of October, averaging at around 22%.
Experts Celebrate BTC Rally, Next Altcoins?
Crypto analyst Michael van de Poppe praised Bitcoin’s recent upward movement, noting that the likelihood of the ongoing correction ending has significantly increased. He added that if Bitcoin price continues to push higher, it could mark the beginning of a new altcoin season, signaling broader gains across the crypto market.
Moreover, blockchain analytics firm Glassnode reported that over the weekend, Bitcoin futures markets accumulated substantial short exposure between $110,000 and $111,000. Monday’s upward price movement forced liquidations across these positions, clearing market exposure and providing additional momentum to Bitcoin’s rally as the market reset.
However, investors need to be careful before building big positions after today’s Bitcoin price upside. Popular analyst Twed Pillows noted: “BTC now has a CME gap around the $110,000 level. Bitcoin has filled every CME gap in the last 4 months, so this could most likely get filled. Keep an eye on it”.
