Hi Guys,
It's Big & BIG #alert About $BTC Correction Soon !!!
Bitcoin Price Hits Spooky Season Stutter as Analysts Warn of Correction"
The U.S. unemployment rate will be a crucial market-moving event," one analyst said.
The Bitcoin price is experiencing a cautious start to October as Chinaâs Golden Week holiday begins on October 1.
This annual seven-day celebration, which marks Chinaâs National Day and extends through various cultural festivities, often results in lower trading activity across global marketsâincluding cryptocurrenciesâas Chinese traders and businesses take a break.
Analysts are predicting a slow market this week and are cautioning that Bitcoin may undergo a 5-10% correction before any significant upward movement can resume.
The Bitcoin price is currently hovering around $63,980, down 0.6% in the last 24 hours, while Ethereum is trading slightly up by 0.5% at $2,643, according to CoinGecko data.
The market's subdued performance comes amid a slew of crucial macroeconomic events lined up for the week, including the U.S. vice-presidential debate between Tim Walz and J.D.
Vance on October 1, the U.S. initial jobless claims report on October 3, and the U.S. Nonfarm Payrolls and Unemployment
Rate on October 4.
Overnight trading in the crypto market has shown signs of increased volatility.
In a note sent to Decrypt, Jake Ostrovskis, an OTC trader at Wintermute, explained that "IV prints higher led by short-dated contracts - pushing VRP to 13/14pts in the majors."Â
In simpler terms, implied volatility (IV) for short-term options contracts is rising, which has created a volatility risk premium (VRP) in the market, suggesting that traders expect sharp price swings in the near term.
Ostrovskis noted that last Friday's $5 billion options expiration (OPEX) could lead to heightened market fluctuations.
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