Bitcoin Outlook: Will US Labor Data Impact BTC After ETF Inflow Streak Ends?

US Economic Calendar and Its Impact on BTC

On Wednesday, October 1, US labor market data will be in focus, with ADP employment figures likely to draw investor interest. Economists predict the ADP will report a 120k increase in September, up from 99k in August.

Better-than-expected numbers may ease expectations of aggressive Fed rate cuts, possibly reducing demand for riskier assets. Beyond the numbers, investors should monitor FOMC member commentary and news updates on the Middle East conflict.

Investors should remain alert, with upcoming US economic indicators, and updates from the Middle East. Traders may also want to monitor ETF inflows closely in the coming days as they could impact short-term demand for BTC and the broader market. Stay updated with our latest news and analysis to manage your BTC and crypto exposures.

Technical Analysis

Bitcoin Analysis

BTC hovers below the 50-day EMA while holding above the 200-day EMA, sending bearish near-term but bullish longer-term price signals.

Will Bitcoin break above $64,000 with upcoming economic data? Here’s what to watch.

A break above the 50-day EMA would support a move toward the $64,000 resistance level. Furthermore, a breakout from the $64,000 resistance level could give the bulls a run at the September 27 high of $66,520.

Investors should consider the US economic calendar, news from the Middle East, and US BTC-spot ETF market flows.

Conversely, a fall through the $60,365 support level may bring the 200-day EMA into play. A break below the 200-day EMA would affirm a bullish trend reversal, supporting a BTC drop toward $55,000.

With a 47.47 14-day RSI reading, BTC could drop to $55,000 before entering oversold territory.