Bitcoin breaks the USD $ 116,000 barrier after the closing of the US government

By Hannah Pérez

Bitcoin emerged to approach the USD $ 117,000 for the first time in weeks after the US Congress failed to reach a financing agreement. Federal closure and Asian holidays threaten to stop Bitcoin’s impulse. Meanwhile, the operators look at economic data and the Fed.

***

• Bitcoin emerged to approach the USD $ 117,000 for the first time in two weeks.
• He followed at the close of the US government: Congress failed to reach a financing agreement.
• Federal closure and holidays in Asia could stop the impulse of Bitcoin, adding volatility.
• The operators have their eyes on economic data and the course of the Fed.

---

Bitcoin (BTC), the oldest and most large cryptocurrency in the world, first approached the USD $ 117,000 on Monday after two weeks, driven by the expectation of an upward October and in line with a generalized rebound in the market.

The data of Coingcko They show that BTC has risen 3% in the last 24 hours, reaching a maximum of USD $ 116,808. The rebound contrasts with the primarily bassist action of the last days that sank Bitcoin below USD $ 110,000 last week.

Some main cryptocurrencies show higher profits in the day, as is the case with Solarium (Sun) and Dogecoin (Doge), with increases of 5.7% and 6.2%. Meanwhile, the total capitalization of the crypto market rose 3% to USD $ 4.1 billion.

The sudden impulse in prices occurs just after Partial closure of the United States government at midnight on Tuesday, After the failure of Democrats and Republicans in Congress to agree on a financing plan.

Federal closure and Chinese holidays threaten to stop Bitcoin

The Republicans, who control both cameras, promoted a project that rejected Democratic demands such as extending fiscal credits for ACA health plans, reversing Medicaid cuts and avoiding “pocket terminations “ In foreign aid, valued in USD $ 1 billion. This has paused non -essential federal services, affected by millions in medical coverage and delayed key data such as employment and inflation reports. It is the first closure since December 2018 during Trump’s first mandate, according to The Guardian.

Analysts of K33 Research They have warned that this macro uncertainty, combined with the golden week holiday in China – which closes Asian markets and reduces liquidity – could intensify volatility in the cryptocurrency market.

VETLE LUNDE, Chief of Research of K33he said in a report on Wednesday, collected by The Blockthat orders books could lose weight, exposing merchants to “Erratic price actions “ in sessions overlapping at the beginning of October.

Historically, Bitcoin He has shown flat or negative returns in the first week of October, with volatility compressing local minimums due to the annual pause in Asian participation; Although the full month has been up to 11 of the last 13 years, with an average profit than 20%, according to data from Coinglass.

Caute impulse? THE LOOK IS ABOUT THE FED

Despite optimism, operators remain cautious before key events such as the September Employment Report, scheduled for this Friday, which could give clues about whether the Federal Reserve (Fed) will continue to make its monetary policy moreland.

Last month’s rate cut gave an initial impulse to Bitcoinbut its future performance in the graphics will depend on the economic and labor data of the US market: a cooling could envive expectations of more cuts, favoring the cryptocurrency market, while strong figures could prolong uncertainty.

“The cryptocurrency market is located at a macroeconomic crossroads, caught between a labor market and resilient economic growth”, Explained Nick Ruck, director of LVRG Researchto COINDESKadding that the labor report will be “fundamental”To evaluate the next movement of the Fed and thus measure the appetite of investors per crypto.

Alex Kuptsikevich, from FXPROhe highlighted that media for news that Bitcoin He has defended the support of USD $ 110,000 several times, consolidating in a range of between USD $ 108,000 and USD $ 118,000, with Altcoins recovering more strongly.

The price of BTC is USD $ 116,504 at the close of this edition6% below its historical maximum of more than USD $ 124,000 conquered in August and with a gain of 7% in the last month, according to Coingcko.

---

Article written with the help of AI, edited by Diariobitcoin

Image of Unspash, edited in Canva

WARNING: Diariobitcoin offers informative and educational content on various topics, including cryptocurrencies, AI, technology and regulations. We do not provide financial advice. Cryptactive investments are high risk and may not be adequate for all. Investigate, consult an expert and verify the applicable legislation before investing. I could lose all its capital.