Bitcoin (BTC) started October with volatility but managed to recover by the end of last week, returning to levels seen at the start of Monday. Known as “Uptober” in the crypto world, the positive movement of BTC this month has encouraged investors.
Positive Signs for the Crypto Market
QCP Capital noted that strong U.S. employment data helped Bitcoin find solid support around the $60,000 level. Additionally, the upcoming HBO documentary is expected to draw more mainstream attention to Bitcoin. The creation of meme coins in honor of Len Sassaman has also gained popularity as part of this growing interest.
Despite a rough start to the week, option market activity continues to send positive signals for the final quarter of 2024. In particular, call spreads at $75,000 and $95,000 for December are still attracting buyers, indicating optimism among investors.
QCP Capital also pointed out that the possibility of the U.S. Federal Reserve lowering interest rates further could be a positive development for the crypto market, given Bitcoin’s strong correlation with equities.
U.S. Inflation Data Eagerly Awaited
Analysts at QCP Capital emphasized that the crypto market’s focus this week will be on the upcoming U.S. Consumer Price Index (CPI) data. With recent reports showing strong wage growth and unemployment figures, questions remain about whether inflation has increased.
Last week, expectations for a Fed rate cut fell from 50 basis points to 25 basis points. Analysts believe that this week’s inflation data could be a decisive factor in determining whether further rate cuts are likely, impacting both global markets and the crypto market.
Stay tuned to Dey There for the latest updates on Bitcoin and the crypto market.
Bitcoin, Uptober, inflation data, QCP Capital, Fed rate cuts
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