Key Takeaways:
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The clearer regulation of the digital asset, which highlighted the high-profile SEC-CFTC Roundtable this week, could boost investor confidence.
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A temporary resolution of the US government’s shutdown can ease the risk of avoiding and boosting the price of bitcoin.
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Labor market data and strategic expectations of the Bitcoin reserves can fuel a modified momentum to a $ 120,000 level.
Bitcoin (Btc) reclaimed the $ 114,000 mark on Monday, which again reduced losses from last week. Interestingly, this rebound has come across the heavy flow from the area that has exchanged Bitcoin exchange (ETF) exchange funds, which motivates investors to ask if the rally is sustainable and what Bitcoin can drive to the level of $ 120,000.
Excessive $ 900 million flowed out of the US Bitcoin ETF’s listed area last week, sparking moderate concern to entrepreneurs, especially as Long -term whales are sold 3.4 million BTC. According to Glassnode, nearly 90% of the coins transferred have shown the acquisition of income a third time in this cycle, increasing the possibility of “a phase of cooling ahead.”
SEC-CFTC Joint Roundtable, US Government Shutdown and Labor Market Data
Three events scheduled for this week may change the investor’s feelings toward Bitcoin, starting with a joint regulating the regulation of digital assets that have been posted by the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The SEC Chair Paul Atkins is set to open the event on Monday.
The event in Washington, DC, is designed to bring greater clarity of regulation to trials, lists, and administration exchanges. Panelists include Jeff Sprecher, CEO of Ice-Nyse, Adena Friedman, CEO of Nasdaq, and Terry Duffy, CEO of CME Group, along with executives from top crypto-focused companies and representatives from JPMorgan, Bank of America, and Citadel.
Another potential catalyst for the price of Bitcoin was the flowing risk of a US government’s shutdown on October 1. US President Donald Trump scheduled a meeting with Congress leaders on Monday to try to avoid the crisis. Without action from Congress, thousands of federal employees can collapse, and many services, including small businesses providing programs, will be destroyed.
The price of bitcoin has a history that is negative when entrepreneurs become more dangerous-averse. Approximately $ 1.7 trillion in the “decision” expenditure that the agency’s operations are set to expire at the end of the fiscal year on Tuesday. The House of Representative was narrowly approved of a bill on September 19 to fund government agencies until November 21, leaving the final approval today at the hands of the Senate.
The next major factor that can unlock a Bitcoin rally to $ 120,000 is the The data in the US job marketThe leading focus of the Federal Reserve following the main inflation that matches market expectations at 2.9% in August. The US Bureau of Labor Statistics is set to release a jolts survey of job openings on Tuesday, followed by a nonfarm payroll report on Friday.
Signs of weakness in the labor market can guide investors toward property viewed as safer, such as gold and short-term government bonds.
Related: Poland is promoting the strict crypto bill, which sparks public backlash
US strategic bitcoin reserves hope to create a psychological support
Another factor that Bitcoin managed to handle the $ 109,000 level was the optimism surrounding the plans for a strategic Bitcoin reserve of the United States. Jan3 founder Samson Mow recently noted that the Trump administration “pushing forward” neutral Strategies to get bitcoin. Some analysts also feature the possibility of re -reviewing the US Treasury’s gold reserves.
By rebuilding the official value of gold from the $ 42.22 level set by Congress in 1973, the US Treasury could potentially unlock nearly $ 1 trillion credit, even US secretary of Treasury Scott Beslent removed Although, analysts remain confident in the government’s ability to successfully launch a strategic bitcoin reserve in the coming months.
The main drivers who can push Bitcoin above $ 120,000 include clearer regulations throughout the Digital Asset industry, a temporary agreement to prevent a US government’s shutdown, and reduced the risks found in the upcoming US market market data. Meanwhile, even the possibility of US treasury adding bitcoin to its reserves provides a psychological support level for the market if the wider events are not desirable.
This article is for general information purposes and is not intended to be and should not be done as legal or investment advice. The views, attitudes, and opinions expressed here are unique and do not necessarily reflect or represent the views and opinions of the cointelegraph.
