Can Bitcoin Hold Above $30,000?
The current movement of Bitcoin is driving the entire crypto market, with hopes of a spot Bitcoin ETF approval by the US Securities and Exchange Commission. However, there are concerns about whether this momentum is sustainable, as some experts warn that futures are overheating. It’s important to observe whether Bitcoin can hold above $30,000 and see if bulls can defend this level to confirm a breakout higher.
Wednesday: Powell Speaks
Last week, Jerome Powell’s speech had a significant impact on the markets. While no surprises are expected in his upcoming speech, it’s always important to keep an eye on what he says as it can influence market dynamics.
Thursday: Bloomberg TV’s SBF Documentary Premieres
Bloomberg TV will release a documentary about the rise and fall of FTX’s founder, Sam Bankman-Fried. This documentary offers insights into the downfall of the crypto exchange and is expected to provide a comprehensive view of FTX’s journey through investigative journalism and firsthand accounts.
Friday: $3.6 Billion Crypto Options Expiry on Deribit
On Friday, there will be a significant amount of volatility in the crypto market as $3.6 billion in notional crypto options expire on Deribit. This includes $2.25 billion in Bitcoin options and $1.35 billion in Ether options. Observing shifts in the options market can provide valuable insights into market sentiment.
Friday’s US PCE Report For September
The US Personal consumption expenditures (PCE) report for September is expected to have a significant impact on both the wider financial market and the crypto landscape. This report will provide insights into consumer trends and help economists and the Fed gauge economic health before the upcoming rate decision during the FOMC meeting.
Hot Take: A Pivotal Week for Bitcoin and Crypto
This week is filled with events that have the potential to reshape market sentiments and dynamics. From Bitcoin’s price performance to macroeconomic indicators and significant documentaries, every enthusiast and investor should be keenly observing these developments. The sustainability of Bitcoin’s momentum, Powell’s speech, the premiere of Bloomberg TV’s documentary, the crypto options expiry on Deribit, and the US PCE report are all crucial factors to monitor. These events will not only impact the crypto landscape but also have broader implications for financial markets.
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