Bitcoin price recovery driven by growing US financial concerns
Bitcoin price recaptures the $62,000 level as investor grow increasingly concerned about the fiscal health of the US
Bitcoin (BTC) has risen 2.4% since retesting the $59,900 support level on Oct. 3, despite facing initial resistance at $62,000. The gains on Oct. 4 were primarily driven by macroeconomic factors, such as US employment data, expectations of economic stimulus in Japan, and growing concerns about the US financial system.
In the US, the economy is booming, but fiscal conditions deteriorated. Interestingly, the US dollar surged to a 50-day high against other major currencies, including the euro, the British pound, and the Japanese yen.
Historically, the relationship between the US dollar Index (DXY) and Bitcoin has been inversely correlated. However, this latest movement seems to defy that pattern.
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Author: Marcel Pechman
