Bitcoin drifted lower as of October 17, following mixed US employment data that led markets to reassess expectations for Federal Reserve rate cuts. As BTC/USD hovered around $67,000, demand for rate cuts diminished amid new jobless claims coming in below expectations. The Federal Reserve is expected to consider a 0.25% rate reduction at its upcoming meeting, while the European Central Bank has already implemented a similar cut. Market caution prevails as participants eye the upcoming US Presidential Election, with many predicting that electoral developments will heavily influence Bitcoin’s price movement. Analysts are divided on the potential for Bitcoin to maintain recent gains, with hopes for a climb towards the $70,000 mark. Concerns remain regarding price corrections if excess bullish momentum occurs. Market indicators show concentrated liquidity above $68,000, suggesting potential resistance ahead.

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