TechFlow news, September 30 — According to Coindesk, Bitcoin price dropped below $64,000, breaking the support of the rising trendline that extended from the low of $52,600 on September 6 to last week's high of $66,500. Markus Thielen, founder of 10x Research, said this could be a typical pullback within a bull market, reflecting a short-term overbought condition.
Since June, Bitcoin has seen approximately a 10% decline during the first week of each month when the U.S. ISM manufacturing data is released. Thielen expects that if the ISM data released on October 1 falls below 48, it could trigger a deeper sell-off; conversely, a better-than-expected reading might drive a rebound. Nonetheless, with expectations of further Fed rate cuts and China's recent rollout of large-scale stimulus measures, Thielen remains optimistic about the fourth quarter.
