Bitcoin Price Impact

Bitcoin Price Impact

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Bitcoin Price Impact: Bitcoin (BTC) Sees Consecutive Gains Amid US Government Shutdown Concerns

The price of Bitcoin (BTC) has risen for the second consecutive day, reaching a high of $114,000 on Monday, September 29. This increase comes as traders anxiously await key details on the US government shutdown, Donald Trump’s tariffs, and the closely watched nonfarm payrolls data. According to some sources, the news about Bitcoin (BTC) price impact is being closely monitored by investors.

Key Catalysts for Bitcoin (BTC) Price

There are three key catalysts that could impact the price of Bitcoin (BTC) this week:

  • A potential government shutdown in the United States, which could occur on October 1 unless Congress agrees on a spending resolution.
  • The upcoming US non-farm payrolls data, which is expected to show a subdued labor market due to the impact of Trump’s tariffs.
  • The uncertainty surrounding trade after Trump threatened to impose substantial tariffs on furniture and all movies made outside of the United States.

US Government Shutdown and Its Impact on the Economy

If a government shutdown occurs, nonessential services like national parks and IRS operations will close, and about 40% of the federal workforce will be furloughed. The impact on the economy will depend on the duration of the shutdown. A prolonged shutdown could weigh on output and pressure the Federal Reserve to cut interest rates.

Blockchain and Cryptocurrency Market Analysis

The daily timeframe chart shows that Bitcoin (BTC) has formed a double-bottom pattern at $108,236, one of the most common bullish reversal patterns in technical analysis. Bitcoin (BTC) has moved above the major S/R pivot point of the Murrey Math Lines at $112,500 and has remained above the 100-day exponential moving average and the middle line of the Bollinger Bands.

Technical Analysis and Future Outlook

The technical analysis suggests that Bitcoin (BTC) will likely continue rising as bulls target the strong pivot reversal point at $118,750. A drop below support at $108,236 would invalidate the bullish forecast. From a broader market context, the current price movement of Bitcoin (BTC) could have a significant impact on the overall cryptocurrency market. As a store of value and a hedge against economic uncertainty, Bitcoin (BTC) may continue to attract investors seeking to diversify their portfolios. However, the volatility of the cryptocurrency market should not be underestimated, and retail investors should exercise caution when making investment decisions.

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