💥Bitcoin prices fell today, with losses coinciding with growing geopolitical tensions in the Middle East and profit-taking ahead of key economic data in the United States.
💥Bitcoin Drops as Israel Bombs Beirut
👉On September 30, BTC fell 2.90%—its worst one-day drop in three weeks—to around $63,735. The drop coincided with an Israeli bombing of central Beirut, marking the first airstrike in nearly a year amid escalating tensions with Lebanon’s Hezbollah.
👉This is not the first time Bitcoin has reacted negatively to unrest in the Middle East this year. In April 2024, BTC fell more than 10% following Israel's attack on Iran.
👉Bitcoin is often seen as a hedge against economic uncertainty. But geopolitical developments this year have shown that traders tend to move away from risk assets, including cryptocurrencies, to safer alternatives amid rising uncertainty.
💥Take profit before important US economic data
👉Bitcoin's decline today coincided with a similar decline in the US stock futures market, suggesting a decline in investor demand for risky assets.
👉The cautious sentiment emerged mainly as traders await some important economic updates in the United States this week, namely jobs data and Federal Reserve Chairman Jerome Powell's direction on interest rates.
👉According to Reuters data released on Friday, non-farm payrolls in September are likely to increase by 140,000 jobs.
👉The labor report could play a key role in shaping expectations for the Federal Reserve's next policy decision at its November 6-7 meeting. Traders are looking to Powell's speech on September 30 for further clues.