After a tumultuous start, October's rally appears to be back on track, according to analysis published by QCP Daily Review. Bitcoin is currently trading at the same level as last Monday.
The storytelling of "Up◡" coupled with strong non-farm payrolls data helped Bitcoin find strong support around $60,000. The upcoming HBO Bitcoin documentary has also brought more mainstream attention to cryptocurrencies, especially MEME tokens related to Len Sassaman.
Despite a poor start to the week, options flows still point to a bullish fourth quarter. With further rate cuts planned and bitcoin's strong correlation with stocks, optimism remains for a strong performance in October.
The focus will be on the US consumer price index (CPI) on Thursday. Recent strong US wage and employment data will keep the market closely watching for signs of rising inflation. The Federal Reserve's rate cut expectations have been cut from 50 basis points to 25 basis points in a week, and this week's data may determine whether to price in further rate cuts.
QCP: Still optimistic about Bitcoin's strong performance in October, CPI data will be in focus this Thursday
2024-10-07 09:09:22
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