According to BlockBeats, Bitcoin experienced a decline on September 30, falling from above $65,000 to a minimum of around $63,200. A report from 10x Research attributes this drop to a typical bull market correction following an overbought situation.
Markus Thielen, founder of 10x Research, noted that last week's report indicated Bitcoin was overbought in the short term, as reflected by the rising greed and fear index. The current short-term reversal signal has turned bearish, suggesting a potential correction in the coming days. Thielen highlighted that ISM manufacturing new orders data show forward-looking indicators have fallen to near recession levels. This makes the upcoming data release highly uncertain; a reading below 48.0 could cause Bitcoin to fall further, while higher numbers might push Bitcoin up.
Despite the short-term bearish outlook, Thielen expressed optimism about the fourth quarter. This optimism is based on expectations that the Federal Reserve will cut interest rates by 50 basis points again and China's recently announced large-scale stimulus measures. The market may gain insights into the Fed's plans later today, as Fed Chairman Powell is scheduled to speak on economic issues at the National Association for Business Economics' annual meeting in Tennessee (1 a.m. tomorrow).
BlockBeats notes that the US September ISM Manufacturing PMI and August JOLTs job vacancies data will be released at 22:00 UTC+8 tomorrow.
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