Bitcoin dropped below $83,000 to hit one-week lows as geopolitical tensions surrounding potential US military action against Iran weighed on crypto alongside US equity futures. Bitcoin is up just over 40% this quarter, representing its best Q3 performance since 2017. The coming week features key events including the September monthly and Q3 quarterly candle closes, as well as PCE inflation data and US nonfarm payrolls release. Markets are now pricing in a 70.3% probability of another 0.25% Fed rate hike in October, maintaining pressure on risk assets. Bitcoin must hold the $82,500 support level to confirm a bullish inverse head-and-shoulders pattern on the weekly chart.
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