FX.co ★ #Bitcoin chart analysis

Hello everyone! Bitcoin, on a global scale, has switched to growth mode on the theme of the upcoming halving. And therefore, it's worth sticking to a long-only trading strategy. After a weak U.S. employment report BTC has every chance of updating local highs. Unemployment is rising , and employment is falling. Under these circumstances, the Fed will not raise the rate for the rest of the year. And if it weren't for the upcoming U.S. elections in November, one could safely bet on a long for a Christmas rally. Additional support comes from institutional demand: U.S. spot-Bitcoin ETFs received $134.4 million in the first two trading days of October, after $2.65 billion of net inflows in September. Plans to return USDT to the Bitcoin blockchain can also be considered a positive development. Miners need fees, since each halving cuts the reward for a mined block - in half. The main event of the week — ISM Services on October 5; the market's reference level is around 55. A strong result could push yields up and restore pressure on BTC. On October 7 the minutes of the Fed's September meeting will be released — the market will be looking for signs of further rate hikes. Nearest resistance — $87 000–87 400, next — $88 000. Main target — $88 000, alternative — $90 000–91 000. Nearest support — $84 500, next — $82 700–83 000. A close below $82 700 will invalidate the bullish scenario and open the way to a deeper correction.