Today is a make-or-break day for the crypto market: here’s why

Analyst Ash Crypto has highlighted several key elements that could greatly influence market movements in the coming hours. These events include a mix of economic data, geopolitical events, and technical factors.

As per the details shared by Ash in his tweet, one of the most anticipated events of the day is the release of crucial job data in the United States.

Expected within the next few hours, this economic indicator has the potential to cause substantial movement to the market.

Job data could cause a pump or dump

Ash stated that this event could impact the U.S. stock market. He stated the possibility of this event triggering either a rally or a sharp dump.

Given the increasingly close correlation between traditional financial markets and cryptocurrencies, this data release is likely to have an effect on crypto prices.

TODAY IS GONNA BE A BIG DAY.

– Very important job data is coming
in next 7 hours which will impact the
US stock market heavily. ( can get
a super pump or heavy dump )

– Israel planning to launch a counter
attack on Iran today.

– Btc needs to hold $60k for a bounce
but If…

— Ash Crypto (@Ashcryptoreal) October 4, 2024

Ash mentioned the ongoing geopolitical situation in the Middle East as another key factor. Reports suggest that Israel may be planning a counterattack against Iran today.

This development has the potential to escalate tensions in the region further. As a result, there could potentially be increased market volatility as investors react to geopolitical risks.

Bitcoin stands at a crucial turning point

All of these events have definitely affected the crypto market, especially BTC. Ash stated that Bitcoin needs to maintain support at $60,000 to sustain its recent bullish momentum.

The analyst warns that if this key level fails to hold, we could see a rapid decline to the $56,000-$57,000 range.

The combination of potential geopolitical conflicts, impending U.S. elections, and critical economic data is creating a perfect situation of market uncertainty.

In light of these factors, Ash Crypto advises investors to hold their positions and avoid being shaken out by short-term market movements.

Bitcoin was putting out a positive outlook in the past few days as the price had touched as high as $66,400. However, the recent volatility had caused the price to fall as low as $59,000.

But BTC has managed to push back and rise to the $61,000 level at press time. As Ash mentioned, the effect of the above mentioned events could affect the direction of the crypto market.