The U.S. Bureau of Labor Statistics reported 29,000 new jobs in September, missing the 84,000 forecast. Previous months were revised down by 60,000, and the unemployment rate reached 4.2%. Following this data, the probability of a Federal Reserve rate hike in October dropped to 14% from 70%.
Bitcoin is trading at $86,152.75, reflecting a 1.57% daily increase. The asset tested a high of $87,173.15, approaching the September resistance level of $87,354.33. Total crypto market capitalization currently exceeds $3 trillion, showing a 2.5% growth over 24 hours.
Market indicators show a strong uptrend, with the Average Directional Index at 41.8. The 50-day Exponential Moving Average remains above the 200-day EMA, signaling bullish momentum. However, the Relative Strength Index is at 68.1, nearing the overbought threshold of 70 where traders often initiate profit-taking.
Institutional interest remains active, with ETF inflows reaching $102 million. Bitcoin dominance is currently at 59.1%, and the Fear & Greed Index reads 71. Investors are now focused on the upcoming Federal Reserve meeting scheduled for October 28, which serves as the next significant macro test for the market.
