Bitcoin Heads Higher on Macro Moves: Where Does BTC Go Next? — SkimNews
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- U.S. labor market added just 29,000 jobs in September versus 84,000 expected, with the prior two months revised down by a combined 60,000 and unemployment ticking up to 4.2%.
- CME FedWatch odds of an October Fed rate hike collapsed to 14% from 70% earlier in the week after the jobs report, while Kalshi, Polymarket, and Myriad priced 80% odds of a hold on October 28.
- Bitcoin rose 1.57% to $86,152, testing a daily high of $87,173 just shy of its $87,354 September peak, with the total crypto market cap topping $3 trillion (up 2.5% in 24 hours).
- ETF flows turned green at +$102 million on the day, and Bitcoin dominance held at 59.1% as the Fear & Greed Index registered 71, firmly in "greed" territory.
- Technical indicators lean bullish: ADX at 41.8 confirms a strong uptrend, the 50-day EMA sits above the 200-day, and the Squeeze Momentum is "off" with a positive reading of 2.2 — but RSI at 68.1 is approaching overbought.
- Fed officials John Williams and Vice Chair Philip Jefferson signaled patience this week, saying there was "no need for urgency" and that policymakers may need more time before deciding on another hike.
Why it matters: The 55,000-job miss against expectations gives the Fed a clean rationale to hold at its October 28 meeting, and with a December hike still the market's base case, Bitcoin's next directional move hinges on whether bulls can close above the $87,354 resistance that has capped price since September.
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