Bitcoin
Bitcoin Price Swings Between $84,000 and $87,000 Amid Macro Data and Middle East Tensions
BTC erased intraday gains following reports of a maritime incident in the Strait of Hormuz after initially rallying on US economic figures.
Bitcoin experienced sharp volatility on Friday, October 1, starting at $84,000 before surging near $87,000 and subsequently retreating to its opening level. The intraday fluctuation saw the cryptocurrency gain and lose approximately $50 billion in market value within 24 hours.
The initial upward move followed softer US employment figures and diminished expectations of Federal Reserve interest rate hikes. However, prices reversed after United Kingdom Maritime Trade Operations (UKMTO) reported that an outbound oil tanker was struck by a projectile in the Strait of Hormuz. The incident resulted in a brief fire and power loss but caused no casualties or environmental leaks, marking the sixth tanker disruption reported in the area that week.
While social media attributed the attack to Iran, official authorities have not confirmed the source. In contrast to crypto markets, spot oil prices remained relatively stable, with US crude trading near $93.70 and Brent crude near $106.30, as markets absorbed potential European Union and International Energy Agency stockpile releases. Technical data from Binance showed Bitcoin facing resistance near the $87,000 mark for the third time in two weeks.
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