• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick

Bitcoin Weekly Outlook: More Turbulence Expected on Mixed Economic Data

Yashu Gola
by Yashu Gola
4 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin managed to close the previous week in green as a slightly optimistic economic data in the US lifted demand for the US dollar.

The cryptocurrency and the greenback have trended inversely to one another since the March 2020’s global market crash. They continue to serve as counter-indicators to one another, a sentiment that has grown further because of the ongoing stimulus negotiations and the upcoming US presidential election on November 3.

bitcoin, btcusd, btcusdt, xbtusd
Bitcoin-US Dollar Index correlation since March 2020. Source: BTCUSD on TradingView.com

Last week, investors’ focus, however, shifted on the US corporate earnings, retail data, and factor production statistics. A majority of them came out as uplifting. More than 80 percent of S&P 500 companies that released their financial reports beat analysts’ forecasts.

s&p 500, spx, us corporate earnings
US Corporate earnings (released on Friday). Source: Bloomberg

Meanwhile, the US retail sales accelerated in September, brushing off concerns related to rising unemployment, lack of stimulus, and a renewed resurgence in the coronavirus infections.

Read further: 3 Biggest Bitcoin Takeaways From JPMorgan’s Q3 Earnings.

The factory production fell, on the other hand, in September for the first time in five months. That suggested a slowdown in the US economic recovery.

Bitcoin This Week

Bitcoin waited for the weekend to log a rebound after closing the five-day week on Friday in losses. That was in line with the US dollar index, which during the Monday-Friday trading session, surged 0.75 percent.

bitcoin, btcusd, btcusdt, xbtusd
Bitcoin is consolidating near-term. Source: BTCUSD on TradingView.com

The bounce was merely technical – wherein traders bought the dip to secure short-term gains. Interestingly, the entire last week in the Bitcoin market witnessed traders locking short-term profits on every bounce upward. The cryptocurrency held onto its technical supports above $10,300.

That was partially due to the mixed economic data. Traders continued to place money in the US dollar over uncertainty, thereby reducing bids on rival safe-haven assets like gold and Bitcoin.

That is likely to continue this week, as the market awaits a speech from the Federal Chairman Jerome Powell’s speech on Monday, followed by the release of US housing statistics on Tuesday, and more words of initial jobless claims on Thursday.

An expected rise in unemployment, specifically, could push the demand for the US dollar higher.

So in the latter half of this week, traders may attempt to push the Bitcoin prices lower. Meanwhile, Mr. Powell’s speech today would likely see him reiterating his concerns about the delayed stimulus aid for American households and businesses.

Long-term Outlook

It is vital to notice that Bitcoin is rejecting every bearish attempt by holding price floors above $11,300. That means that investors are buying the dips for their long-term bullish outlook, driven by the possibility of a delayed but confirmed stimulus package after the US election.

What’s further supporting the upside bias is the Fed’s commitment to keeping lending rates near zero until 2023, and pushing inflation above the 2 percent target.

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Yashu Gola

Yashu Gola

Follow

Globetrotter Yashu Gola has been working as a financial/crypto market journalist since 2013. He is an information technology graduate, a cryptography junkie, a filmmaking enthusiast, and an avid reader of Jon Erickson, Agatha Christie, JK Rowling, and Isaac Asimov.

Full Profile

Related Posts

Bitcoin

Bitcoin Mining Can’t Keep Up: Companies Buying At Quadruple Pace – Report

3 hours ago
Bitcoin

Bitcoin Treasury Race Heats Up As Dutch Firm Shoots For $23-M Launch

1 day ago
Bitcoin

Unexpected Bitcoin Player: Japanese Nail Salon Targets $3-B In BTC Holdings

1 day ago
Bitcoin

Bitcoin Fortress: El Salvador Shields $678-M From Quantum Threat

1 day ago
Strategy

Strategy Investors Pull Back Class Action Suit Over Bitcoin Accounting Revision – Details

2 days ago
Strategic Bitcoin Reserve news Japan

Strategic Bitcoin Reserve Push Ignited By Japan’s Democratic People’s Party

4 days ago
Please login to join discussion

Premium Sponsors

Press Releases

  • XRP retreats under pressure, while DOT Miners generates...

    2 hours ago
  • Rich Miner Launches New Cloud Mining Strategy: Secure 1,000...

    3 hours ago
  • XRP's

    Amidst XRP’s volatile price, holders are flocking to...

    3 hours ago
  • BAY Miner Launches Mobile App, Unlocking Daily Income...

    4 hours ago
  • BTC & XRP ETFs Fuel Market Buzz as Cloud Mining Surges...

    4 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.