On September 30, Bitcoin saw a decline, dropping from over $65,000 to a low of approximately $63,200, as reported by BlockBeats. According to 10x Research, this pullback is typical of a bull market correction following an overbought phase.

Markus Thielen, the founder of 10x Research, pointed out that a report from the previous week indicated Bitcoin was overbought in the short term, which was evident from the rising greed and fear index. The current reversal signal has turned bearish, hinting at a possible correction in the days ahead. Thielen also noted that the ISM manufacturing new orders data revealed forward-looking indicators have dropped to levels close to recession, leading to uncertainty regarding upcoming data releases. A reading below 48.0 could result in further declines for Bitcoin, while higher figures might propel it upward.

Despite this short-term bearish sentiment, Thielen remains optimistic about the fourth quarter. His outlook is buoyed by expectations that the Federal Reserve may cut interest rates by 50 basis points and the recent announcement of significant stimulus measures in China. Market participants will likely gain more clarity on the Fed’s intentions as Chairman Powell is set to speak on economic matters at the National Association for Business Economics’ annual meeting in Tennessee.

BlockBeats also notes that the US September ISM Manufacturing PMI and August JOLTs job vacancies data will be released tomorrow at 22:00 UTC+8.