According to Cointelegraph, the increase in US unemployment claims triggered caution about interest rate cuts, and the price of BTC fell when Wall Street opened on October 17. Data showed that the price of BTC hovered around $67,000 after reaching an 11-week high of $68,400. US unemployment data was mixed, with new unemployment claims lower than expected and continued claims slightly higher than expected.

Market confidence in the scale of rate cuts the Federal Reserve may implement in the coming months has weakened. The consensus expectation is that the Fed will cut interest rates by 0.25% at its November meeting, according to CME Group's FedWatch Tool. The European Central Bank cut interest rates by 0.25% on the same day as expected. Bitcoin and crypto market participants are focused on the U.S. presidential election, which takes place the same week as the Fed meeting.

QCP Capital noted in its latest announcement that “the U.S. election is the next key catalyst for BTC and the crypto market, and the market remains uncertain about the trend of BTC after the election.” In the analysis of short-term BTC price trends, opinions are mixed. TheKingfisher believes that "the recent short squeeze has basically ended, and the only significant 'toxic' level in 2024 is at 71.3k, with a trading range of 60.2k to 71.3k." Data from monitoring resource CoinGlass shows that BTC prices are near $68,000 The sell order liquidity increased and gathered around $68,500.

Many voices still support BTC prices to break through the 2021 all-time high of $69,000. Keith Alan, co-founder of Material Indicators, said, “No matter what the immediate reaction of economic data is, bulls want prices to stay above key moving averages.”