Bitcoin, the leading cryptocurrency, made a strong start to October, known as a bull month, closing the week above $86,000. This was its highest closing level in the last 8 months, but BTC still couldn’t surpass the $87,000 level and retreated back below $86,000 due to selling pressure.
At this point, the market believes that economic data from the US is influencing the rise in Bitcoin prices.
The fact that Personal Consumption Expenditures (PCE) and non-farm payrolls data, which the Fed closely monitors in its monetary policy decisions, came in below expectations was positively received by the market, and also lowered expectations for a further Fed interest rate hike in October.
