Bitcoin Holds Steady Amid Resistance and Macro Pressure

Bitcoin's price declined by approximately 1.7% over the past 24 hours but remains 9% higher compared to a month ago.

This move is accompanied by growing market activity, as indicated by increased trading volume, rather than falling participation.

The recent U.S. payroll report revealed just 29,000 new jobs in September, reinforcing signals that the labor market is cooling after the Federal Reserve lifted rates to the 3.75%-4.00% range last month.

Bitcoin has tested the upper $80,000 area multiple times but has not broken through this resistance zone yet, with the $87,000 level emerging as a key barrier.

Institutional investors continue to support Bitcoin's rally, with U.S. spot exchange-traded funds recording about $6.34 billion in inflows during the third quarter, setting a quarterly record for 2023.