Bitcoin (BTC) price fell 4.1% on the morning of September 30, retesting the $63,500 support level and erasing the previous five days’ gains. Uncertainty in the US economic outlook is weighing on the BTC price. US stock futures are down 0.20%, while investors await comments from Fed Chair Jerome Powell on the economic outlook.

Given Bitcoin’s high short-term correlation with the stock market, a slowdown in the S&P 500 could negatively impact the BTC price. The weakening of European economies and rising tensions in the Middle East are also increasing global economic risks.

In light of these developments, while Bitcoin has the potential to appreciate in the long term, the current environment supports uncertainty. Investors are moving away from risky assets like cryptocurrencies and towards safer investment options.

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