Bitcoin Price in October 2023: Volatility and the Influence of Global Markets

In the cryptocurrency market, recent news indicates a slight increase in the price of Bitcoin. In the last trading day, the price of this leading cryptocurrency occasionally surpassed the $28,000 mark. However, it ultimately couldn't maintain this position. At the time of writing, the Bitcoin price was in the range of $27,400 to $27,500. Thus, there is moderate volatility, and the forecast for the near future remains rather positive.

Experts from K33 Research suggest that the market may be characterized by low volatility and sideways movement in the near future. This could create opportunities for long-term investors who wish to accumulate this asset in anticipation of future growth.

However, to understand why the Bitcoin price may remain stable and even grow moderately, we need to consider the overall situation in the global markets. In September, the U.S. economy created only 89,000 jobs, which was significantly below analysts' expectations of 153,000 new jobs and even lower than the August figure of 180,000 jobs. This was the lowest job growth in the private sector since 2020.

The slowdown in hiring in American companies may indicate the beginning of a cooling labor market, possibly linked to expectations of higher interest rates. The ADP National Employment Report points to this trend.

Interesting movements can also be observed in other markets. The S&P 500 index showed a 0.8% increase, and the high-tech NASDAQ 100 index grew by 1.45%. Meanwhile, oil prices continue to decline due to concerns about a global economic slowdown that could impact oil demand. WTI crude oil futures fell by 1.2% to below $84, and Brent crude oil futures decreased by 1.1%. It is expected that demand for crude oil will decrease in this quarter after recent price rallies.

A limitation in demand due to rising oil prices is becoming noticeable in the United States, Europe, and some developing countries. China and India were driving forces behind the growth in global oil demand this year. However, China decided to use its domestic crude oil reserves in August and September after oil prices surged. These factors, collectively, could affect supply and demand in the oil market and, consequently, influence the price of Bitcoin and other assets.

Therefore, the Bitcoin price may maintain stability and experience moderate growth based on labor market expectations in the United States and the global oil situation. This could be good news for investors hoping for stability and growth prospects in the world of cryptocurrencies.