Bitcoin appeared relatively stable compared to the U.S. Dollar Index on October 4th, with BTC price levels close to the spot price. Market observers identified $27,600 as an important price level for Bitcoin, with potential for a significant increase if it is reclaimed. However, $27,000 was seen as a crucial support level, and if it is lost, it could lead to a downward trend. The overall mood in legacy markets was less stable due to surging U.S. 30-year bond yields, causing concerns about a potential market meltdown. The lack of significant BTC trading volume was attributed to uncertainty over macro forces. The U.S. Dollar Index experienced its own upheaval, dropping from levels not seen since Q4 of last year. Bitcoin continued to withstand these fluctuations in the DXY. The long-term performance of the DXY will likely be a key market driver for the rest of the year.
