Bitcoin once again failed to challenge the downward trend line and has been falling since last Thursday. It fell from US$69,552 to US$68,000 at 8 o'clock this morning. The decline of other Altcoin was even more obvious.
It should be noted that the two major events that the global investment market is paying attention to, "Consumer Price Index (CPI)" and "Federal Reserve Interest Rate Decision" will be announced simultaneously this Wednesday. It can be expected that both the U.S. stock market and the cryptocurrency market will usher in violent two-way fluctuations.
- CPI annual growth rate: previous value 3.4%, expected 3.4%.
- Core CPI annual growth rate: previous value 3.6%, expected 3.5%.
- Interest rate decision: FedWatch Tool shows that 99% maintain the benchmark interest rate range of 5.25%~5.5% unchanged.
Andrew Tyler, head of U.S. market intelligence for JPMorgan Chase's trading department, noted in a report that the S&P 500 is expected to fluctuate 1.3% to 1.4% in both directions before Friday. This expected range of fluctuation is based on the price of at-the-money straddle options expiring that day. , reflecting the extremely intense long-short game in the market. Most of the fluctuations are expected to occur after the Consumer Price Index (CPI) data report and the Federal Reserve's interest rate decision.
