The world’s leading cryptocurrency, Bitcoin (BTC), is showing renewed strength as market sentiment turns optimistic amid positive macroeconomic data, rebounding ETF inflows, and shifting political narratives. On October 6, 2024, BTC rose 1.19% to close at $62,913, regaining momentum after a brief dip. With technical indicators flashing bullish signals and critical support levels holding firm, investors are watching closely as Bitcoin eyes the psychologically significant $65,000 resistance.
This momentum comes against a backdrop of improving U.S. economic fundamentals and growing institutional demand, both of which are shaping the near-term trajectory of digital assets.
US Jobs Report Fuels Risk Appetite
A key catalyst behind Bitcoin’s recent rally was Friday’s stronger-than-expected U.S. Jobs Report. The economy added 254,000 jobs in September, surpassing forecasts and pushing the unemployment rate down to 4.1%. This data eased fears of an imminent recession, boosting investor confidence in risk-on assets.
Markets reacted positively across the board: the Nasdaq Composite climbed 1.22%, equities stabilized, and capital began flowing back into cryptocurrencies. Importantly, the report tempered expectations for a 50-basis point rate cut by the Federal Reserve in November—investors now anticipate a more measured 25-basis point reduction. A balanced monetary policy outlook, paired with economic resilience, creates a favorable environment for assets like Bitcoin that thrive on liquidity and speculative interest.
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Spot ETF Inflows Signal Institutional Confidence
Another major driver of Bitcoin’s resurgence has been the rebound in U.S. spot Bitcoin ETF flows. On Friday, net inflows reached $25.6 million—a modest but meaningful turnaround after recent outflows. These ETFs have become a critical component of Bitcoin’s supply-demand dynamics, acting as consistent buyers during periods of market stress.
Earlier in the year, BlackRock’s iShares Bitcoin Trust (IBIT) played a pivotal role in absorbing excess supply from large BTC sellers, including the German government. Bloomberg Intelligence’s Eric Balchunas famously likened the ETF market to “Super Pac-Man,” devouring available Bitcoin and reducing downward pressure on prices.
With ETFs now serving as a structural demand layer, sustained inflows could accelerate price appreciation—especially if broader adoption continues among retail and institutional investors.
Political Landscape and Supply Dynamics
As the 2025 U.S. Presidential Election approaches, political developments are increasingly influencing crypto sentiment. Former President Donald Trump has voiced strong pro-Bitcoin views, including a proposal to establish a national Bitcoin reserve if re-elected. Such policies could significantly reduce fears of government-driven oversupply and bolster long-term confidence in BTC as a strategic asset.
In contrast, a potential administration led by Kamala Harris may maintain current asset disposal practices, keeping some uncertainty around future BTC supply trends. The U.S. government still holds over 203,000 BTC—a vast reserve that could impact markets if sold aggressively.
These geopolitical and policy-related factors are now integral to Bitcoin valuation models, adding another dimension to investment analysis beyond pure technicals or macroeconomics.
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Technical Outlook: Bulls Target $65K and Beyond
From a technical perspective, Bitcoin remains in a bullish configuration. Price is trading firmly above both the 50-day and 200-day Exponential Moving Averages (EMAs), confirming an uptrend. A breakout above the $64,000 resistance could open the path toward the September 27 high of $66,520. Clearing that level may propel BTC toward $69,000—the next major resistance zone.
The 14-day Relative Strength Index (RSI) stands at 56.52, indicating room for further upside before entering overbought territory. Traders should monitor volume patterns and ETF flows for confirmation of breakout validity.
On the downside, failure to hold above the 50-day EMA could invite bears to test support at $60,365. A deeper correction below the 200-day EMA might signal a bearish reversal, potentially dragging prices toward $55,000.
Key Support and Resistance Levels:
- Immediate Resistance: $64,000
- Next Target: $66,520
- Major Resistance: $69,000
- Support Zone: $60,365 – $55,000
Ethereum Faces Headwinds Amid Neutral Sentiment
While Bitcoin gains strength, Ethereum (ETH) remains under pressure. Price continues to trade below both the 50-day and 200-day EMAs, signaling persistent bearish momentum. A move above the 50-day EMA could rekindle bullish hopes, with initial resistance at $2,664 and a potential path toward $3,000 if momentum builds.
However, failure to reclaim key averages may lead to another leg down toward $2,403 and eventually $2,124. The 14-day RSI for ETH sits at 48.98—near neutral—suggesting limited momentum in either direction.
Investors should watch for regulatory updates on Ethereum spot ETFs, which could serve as a catalyst for renewed institutional interest.
Frequently Asked Questions
Q: What caused Bitcoin’s recent price increase?
A: Bitcoin’s rise was driven by strong U.S. jobs data that boosted risk appetite, combined with renewed inflows into U.S. spot Bitcoin ETFs and improving technical indicators.
Q: How do ETF inflows affect Bitcoin’s price?
A: Spot ETFs create consistent demand for Bitcoin by purchasing BTC to back shares. Sustained inflows absorb sell-side pressure and reduce available supply, often leading to upward price pressure.
Q: Could political changes impact Bitcoin’s future?
A: Yes. Pro-crypto policies—like proposals for a national Bitcoin reserve—can boost investor confidence and reduce fears of government oversupply, positively influencing long-term price trends.
Q: What is Bitcoin’s next major resistance level?
A: After breaking $64,000, Bitcoin’s next targets are $66,520 (September high) and $69,000 (major resistance).
Q: Is Ethereum still a good investment?
A: ETH remains range-bound with bearish technicals, but potential spot ETF approvals or network upgrades could reignite bullish momentum in the medium term.
Q: What risks could disrupt Bitcoin’s rally?
A: Geopolitical tensions (e.g., Middle East conflicts), unexpected regulatory actions, or macroeconomic shocks could trigger risk-off behavior and temporarily weaken BTC demand.
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Final Thoughts
Bitcoin is regaining its stride as macroeconomic conditions stabilize and institutional participation deepens through ETFs. With technical indicators aligned to the upside and political tailwinds emerging, the path toward $65,000—and beyond—appears increasingly viable.
Investors should remain vigilant about macroeconomic reports, geopolitical developments, and ETF flow trends—all of which will shape near-term volatility and long-term value creation in the crypto market.
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