CandleFocus Bitcoin Price Ticks Up Ahead of U.S. Jobs Report as Sell-Off ‘Nearing its End’
2024-10-04
Author: Content Editor
Bitcoin and Ethereum experienced slight upticks in price as investors await the release of the September jobs report by the U.S. Bureau of Labor Statistics, which could impact the Federal Reserve's policy direction. Despite recent declines, analysts suggest that Bitcoin may be on the brink of a short-term recovery, with demand from U.S.-based investors remaining strong. However, ETF flows indicate a market in flux, with outflows from Bitcoin spot ETFs but inflows to certain investment products. Analysts present a cautiously optimistic view, noting that corrections in Bitcoin often reverse between the 5th and 7th of each month. Institutional investors, particularly OTC desks, have been selling Bitcoin but as balances rebuild, sell pressure appears to be easing. Investor sentiment remains relatively calm, suggesting limited concern over further downside risks.
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