Bitcoin's struggle to reclaim the $30,000 level faces challenges despite showing some positive signs. On October 2, it briefly spiked from $27,440 to $28,600, a 5.5% increase, but lost steam after the launch of Ether futures ETFs failed to generate significant interest.

Additionally, concerns about an economic downturn from US Federal Reserve representatives have weighed on Bitcoin's prospects. Although it demonstrated short-term strength by holding support at $27,200 and surging past $27,500 on October 5, Bitcoin faces challenges in three key areas: spot market volumes, derivatives, and confidence in a spot Bitcoin ETF.

The US Federal Reserve's worries about economic growth and rising interest rates are adding to the macroeconomic forces affecting Bitcoin's price. The US Dollar Index hit its highest point in 10 months as a result of the real yield on US 10-year Treasury bonds reaching a 15-year high.

The fact that bitcoin futures premiums are below the neutral level shows that there is no interest in taking leveraged long positions. Spot trading activity has declined on conventional exchanges, presumably as a result of increased regulatory scrutiny and decreasing institutional participation.

Despite being a factor in Bitcoin's 68% gains in 2023, investor expectations for a spot Bitcoin ETF have decreased. Demand for the recently introduced ETFs based on ether futures was modest. Additionally, the Grayscale Bitcoin Trust continues to trade at a discount to its Bitcoin holdings, indicating doubt about a particular area.