The main macroeconomic event for this week is the Federal Reserve Chairman Jerome Powell’s speech on October 19. With higher-than-expected Nonfarm Pay
This week’s macroeconomic market mover is the Federal Reserve Chairman Jerome Powell’s speech on October 19. Grayscale’s victory is all but sealed, as the US SEC does not want to appeal the court’s decision. Bitcoin price has flashed a trend reversal signal on the weekly chart, indicating that a downtrend is around the corner. rolls and Inflation numbers, the chances that Jerome Powell hints at another interest rate hike are high. However, the CME FedWatch Tool shows a 90.
While this move satisfies the first condition of a trend reversal, the lower high produced in the first week of October at $28,592 is the second condition. With the two conditions met, Bitcoin price has officially produced a trend reversal signal on the weekly, indicating the potential end of the 2023 rally. BTC/USDT 1-week chart Going forward, investors need to be cautious of what comes next.
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