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.
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.
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.
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