Bitcoin (BTC) has seen a 5.7% rally in the first two days of October, crossing the $28,000-mark for the first time in two months. This rally came after a loss-making quarter in 2023, indicating that bearish catalysts remain in place entering Q4/2023. The buying sentiment in the Bitcoin market started after US lawmakers agreed on a last-minute deal to keep government funded until mid-November. This averted a US government shutdown, which could have delayed the US Securities and Exchange Commission’s (SEC) decision on nine pending spot Bitcoin ETF applications, including BlackRock. An approval of a Bitcoin ETF could attract $600 billion worth of capital, according to a report by analysts at Bernstein. However, the Federal Reserve’s promise to keep interest rates high in 2023 and all across 2024 has reduced investors’ appetite for riskier assets like stocks and Bitcoin. This week, Fed Chairman Jerome Powell will provide further guidance on interest rates. Technically, on a weekly timeframe chart, Bitcoin’s price has entered the breakdown stage of its prevailing rising wedge pattern. The rising wedge target is near $15,540, down 45% from current price levels. This suggests that the cryptocurrency’s likelihood of retreating toward its falling wedge target in Q4/2023 remains high.

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Information	Details
Geography	North America
Countries	🇺🇸 🇦🇲
Sentiment	neutral
Relevance Score	8
People	Yung-Yu Ma, Jerome Powell
Companies	US Securities and Exchange Commission, Federal Reserve, BlackRock, US Treasury, BMO Wealth Management
Currencies	us treasury notes, Bitcoin, Ethereum, US Dollar
Securities	None