Surge in Crude Oil Prices and Other Macros to Impact Bitcoin Price

After a strong start to the month of October 2023, the first week remained quite volatile for Bitcoin and the broader crypto market. Bitcoin delivered flattish gains and is trading around $28,000 levels. On the other hand, altcoins have seen some selling pressure.

Developments in the traditional finance market have dented the rally in the crypto market, with the 10-year Treasury yields shooting to their 16-year highs.

Key Macro Developments for Bitcoin Investors

This week, a slew of crucial macroeconomic data is set to be unveiled. The United States will reveal its Consumer Price Index (CPI) and Producer Price Index (PPI) data for September, while the Federal Reserve will release the minutes from its September meeting. Additionally, numerous Federal Reserve officials are slated to deliver speeches.

Investors will be carefully reading into the Fed commentary going ahead as the US central bank prepares for one more rate hike in 2023. As a result, investors are moving cautiously with no clear trajectory in sight.

Bloomberg’s senior commodity strategist Mike McGlone suggests that Bitcoin is displaying a “risk-off” inclination following the recent escalation between Hamas and Israel. He believes that the downward-sloping 100-week moving average is more likely to prevail over the upward-trending 50-week moving average. McGlone also notes that the surge in crude oil prices is contributing to liquidity pressure in the market.

Some Positive On-chain Developments for Bitcoin

Over the last weekend, Bitcoin recorded one of its biggest outflow days in over a month’s time. On-chain data provider Santiment explained that Bitcoin has witnessed its largest movement of coins, totaling over 10,000 BTC, away from exchanges since September 7th.

Meanwhile, the leading cryptocurrency, with the highest market capitalization, is making a second attempt to breach the $28,000 price threshold. The significance of utility is emphasized, particularly as the number of distinct addresses has reached its lowest point in six weeks.

Along with Bitcoin, the altcoin market has been under selling pressure with Ethereum (ETH), Solana (SOL), Cardano (ADA) and others correcting by 3-5% over the last week.

Recommended
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.