Bitcoin Price Outlook for October — Strong Dollar and Fed Rate Hike Gives Bears the Advantage
Ten days into October, and ahead of this Wednesday’s U.S. inflation report, bitcoin prices fell to a one-week low. Prices of the world’ ;s leading crypto asset were mostly in the red during September, trading below $20,000 for the majority of the month. As of writing, bitcoin continues to hover at these lows, with many traders wondering whether we will see any significant surge this month. Current Market Status Last week U.S. non-farm payrolls showed that 263,000 jobs were added to the U.S. economy in September, better than the 250,000 markets had expected. This data was positive for an already strong U.S. dollar, which has been one of the main reasons behind the recent decline in prices. As USD gained against the majority of G-7 currencies, prices of commodities, and cryptocurrencies declined, as demand weakened. On Wednesday, traders will be glued to their screens awaiting the release of the U.S. inflation report, which could impact the Federal Reserve’s upc...