Bitcoin traded higher on Thursday, holding near USD 103,000, as markets welcomed news that US President Donald Trump signed a bill ending the record 43-day government shutdown.
The resolution lifted sentiment, with traders now turning their focus to the backlog of data releases.
The data could offer new insight into labor market conditions and could influence the Federal Reserve’s next policy move. Softer figures could reinforce expectations for another rate cut in December, lending support to Bitcoin and other risk assets.
However, ETF flows remained inconsistent while the cryptocurrency remained in a correction. Spot Bitcoin ETFs recorded USD 278 million in outflows on Wednesday, signalling another pause in institutional participation after the previous day’s inflows.
The end of the shutdown offers short-term relief, but traders remain cautious ahead of upcoming economic data and any guidance from the Federal Reserve, which could be pivotal for Bitcoin’s next move.
Leave a Comment