FX.co ★ teagan.orn | #Bitcoin chart analysis

Hello everyone! Bitcoin, on a global scale, has moved into growth mode on the theme of the upcoming halving. And therefore, it's worth sticking to a long-only trading strategy. After a weak US jobs report, BTC has every chance of renewing local highs. Unemployment is rising , and employment is falling. In such a scenario, the Fed won't raise the rate for the rest of the year. And if it weren't for the upcoming November elections in the US, one could confidently go long in anticipation of a Christmas rally. Additional support comes from institutional demand: US spot-Bitcoin ETFs received $134.4 mln in the first two trading days of October, after $2.65 bln 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 is around 55. A strong result can push up yields and return pressure on BTC. On October 7 the minutes of the Fed's September meeting will be released — the market will look for signs of further rate hikes. Nearest resistance — $87 000–87 400, next — $88 000. Primary 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.