Key control:
The regulation of clearer digital assets, highlighted by the Round SEC-CFTC high-profile table this week, could strengthen investor confidence.
A temporary resolution of the imminent closure of the United States government can relieve risk aversion and increase the price of Bitcoin.
The labor market data and the strategic expectations of the Bitcoin reserve could feed the renewed impulse towards the level of $ 120,000.
Bitcoin (BTC) recovered the $ 114,000 mark on Monday, recovering part of the losses of the previous week. Interestingly, this rebound occurred despite the strong exits of the funds quoted in the exchange of Bitcoin (ETF), which leads investors to question if the rally is sustainable and which catalysts could boost bitcoin towards the level of $ 120,000.
Approximately $ 900 million flowed from Bitcoin Spot ETFs that are quoted in the United States last week, which caused a moderate concern among merchants, especially because long -term whales sold 3.4 million BTC. According to Glassnode, approximately 90% of the currencies moved showed profits for the third time in this cycle, increasing the probability of “a cooling phase ahead”.
SEC-CFTC ROUND ROUNDABLE, DATA OF THE LABOR MARKET AND CLOSURE OF THE US GOVERNMENT.
Three events scheduled for this week could change the feeling of investors to Bitcoin, starting with a joint round table on the regulation of digital assets organized by the United States Stock Exchange and Securities Commission (SEC) and the Basic Products Trade Commerce Commission (CFTC). The president of the SEC, Paul Atkins, will open the event on Monday.
The event in Washington, DC, is designed to provide greater regulatory clarity to jurisdictional, listings and exchange supervision. The panelists include Jeff Sprecher, Ice-Nyse CEO, Adena Friedman, CEO of Nasdaq, and Terry Duffy, CEO of CME Group, along with executives from the main companies and representatives of JPMorgan, Bank of America and Citadel.
Another potential catalyst for the price of Bitcoin is the imminent risk of a closure of the United States government on October 1. The president of the United States, Donald Trump, has scheduled a meeting with Congress leaders on Monday to try to avoid the crisis. Without the action of the Congress, thousands of federal employees could be careless, and numerous services, including small businesses of small businesses, would be interrupted.
The price of Bitcoin has historically reacted when merchants become more reluctant to risk. Around $ 1.7 billion in “discretionary” spending that the operations of the fund agency will expire at the end of the fiscal year on Tuesday. The House of Representatives approved by little a bill on September 19 to finance government agencies until November 21, leaving the final approval now in the hands of the Senate.
The next main factor that could unlock a Bitcoin rally at $ 120,000 are the United States labor market data, the main approach to the Federal Reserve after central inflation that coincided with market expectations with 2.9% in August. The US Labor Statistics Office is scheduled to publish the Jolts survey of employment openings on Tuesday, followed by the non -agricultural payroll report on Friday.
The signs of weakness in the labor market could lead investors to assets seen as safer, such as gold and short -term government bonds.
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The hopes of strategic Bitcoin reserves of the United States create psychological support
Another reason why Bitcoin has managed to maintain the level of $ 109,000 is the optimism around the plans for a strategic Bitcoin reserve of the United States. The founder of Jan3, Samson Mow, recently said that the Trump administration is “promoting” neutral strategies to the budget to acquire Bitcoin. Some analysts also highlight the possibility of a reevaluation of the gold reserves of the United States Treasury.
By reproducing the official Gold value of the level of $ 42.22 established by Congress in 1973, the United States Treasury could unlock almost $ 1 billion in credit, although the Secretary of the United States Treasury, Scott Besent, has dismissed the speculation of such movement. Even so, analysts continue to trust the government’s ability to successfully launch a strategic Bitcoins reserve in the coming months.
The key drivers that Bitcoin could promote above $ 120,000 include a clearer regulation throughout the digital asset industry, a temporary agreement to avoid an imminent closure of the United States government and the reduced risks reflected in the upcoming data of the US labor market If those broader events become unfavorable.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The points of view, the thoughts and opinions expressed here are alone of the author and do not necessarily reflect or represent the opinions and opinions of Cointelegraph.
