After a bullish end to September, bears are applying their pressure on the Dollar as the price revisits 94.125. Conversely, Bitcoin bulls are looking to attain $50,000.
The US Dollar Index (DXY) was able to close bullish on the monthly as the price was able to print a bullish hammer. Despite this, the DXY is down 0.23% to start the new month of October. If bears can close bearish on the daily time frame below 94.125, we could see further bearishness next week.
After dropping below $45,000 back in September, Bitcoin bulls have finally cleared this level in a significant manner. Bitcoin bulls now have to take out $48,500 as this was a key resistance in the previous month. If this occurs, Bitcoin will have a clear path to $50,000.
Next week will be an interesting one for market participants as we will have yet another Non-Farm Payroll report. Current forecasts have the unemployment rate dropping from 5.2% to 5.1%. A result similar to the forecast or better will help the Dollar push past the current bearish pressure.
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