Bitcoin Surges Amid U.S. Economic Uncertainty
Bitcoin’s price climbed for the second day on September 29, as investors braced for a potential U.S. government shutdown and awaited key economic data.
Traders are closely watching three major events this week. first, the U.S.government faces a possible shutdown on October 1. If Congress fails to agree on a spending bill, non-essential services will halt, affecting about 40% of federal workers.This could impact the economy, possibly leading the Federal Reserve to lower interest rates.
President Trump will meet with congressional leaders to resolve the impasse.
Another key event is the upcoming nonfarm payrolls data on Friday. A weak jobs report could prompt the Federal Reserve to cut interest rates, benefiting Bitcoin. However, the official report may not be released if the government shuts down.
Trade tensions also loom, with Trump threatening tariffs on furniture, movies, and imported drugs. This uncertainty could influence Bitcoin’s price.
Technically, Bitcoin has formed a double-bottom pattern, indicating a potential bullish reversal. It has surpassed the Murrey Math lines pivot point and the 100-day exponential moving average.Bulls may target $118,750, but a drop below $108,236 would negate this forecast.
