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Bitcoin and Altcoins Experience Volatility in First Week of October
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After a strong start to October 2023, the first week has been volatile for Bitcoin and the broader crypto market. While Bitcoin has delivered flat gains and is currently trading around $28,000, altcoins have faced selling pressure. The rally in the crypto market has been impacted by developments in the traditional finance market, including 10-year Treasury yields reaching 16-year highs.
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Key Macro Developments for Bitcoin Investors
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This week, important macroeconomic data will be released. The United States will unveil its Consumer Price Index (CPI) and Producer Price Index (PPI) data for September, and the Federal Reserve will release minutes from its September meeting. Several Federal Reserve officials are also scheduled to deliver speeches. Investors are closely watching these developments as they anticipate one more rate hike in 2023. The uncertain trajectory of these events has led investors to proceed with caution.
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Bitcoin’s “Risk-Off” Inclination and Liquidity Pressure
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According to Bloomberg’s senior commodity strategist Mike McGlone, Bitcoin is displaying a “risk-off” inclination following the recent escalation between Hamas and Israel. McGlone believes that the downward-sloping 100-week moving average will prevail over the upward-trending 50-week moving average. Additionally, the surge in crude oil prices is contributing to liquidity pressure in the market.
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Positive On-chain Developments for Bitcoin
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Over the weekend, Bitcoin experienced one of its biggest outflow days in over a month. On-chain data provider Santiment reported that over 10,000 BTC were moved away from exchanges since September 7th. Meanwhile, Bitcoin is making a second attempt to surpass the $28,000 price threshold. The importance of utility is highlighted, as the number of distinct addresses has reached its lowest point in six weeks.
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Altcoin Market Correction
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The altcoin market has also faced selling pressure, with cryptocurrencies like Ethereum (ETH), Solana (SOL), and Cardano (ADA) correcting by 3-5% over the past week.
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Hot Take: Proceed with Caution in Crypto Investing
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It’s important to note that the content provided here may include the personal opinion of the author and is subject to market conditions. Before investing in cryptocurrencies, it is recommended to conduct thorough market research. The author and publication do not hold any responsibility for personal financial losses.
Original Source: [Bitcoin.com](https://news.bitcoin.com/bitcoin-altcoins-volatile-october-week/)
Note: The article has been rewritten in compliance with the given instructions while maintaining the original meaning and key points.
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