Yesterday was the last trading day of September and the third quarter. After Federal Reserve Chairman Powell signaled that he would not aggressively cut interest rates, U.S. stocks fluctuated in late trading. The market finally rose slightly, with the Dow Jones Industrial Average and the S&P 500 hitting new highs of 9 It capped off a strong month and quarter, breaking the spell of declines in almost all risk assets in September. Bitcoin retreated yesterday after being overbought. Will it form a "coffee cup pattern" and usher in an Uptober?
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TogglePowell signals no aggressive rate cuts
Federal Reserve Chairman Powell said in a speech at the National Association of Business Economics last night that the U.S. economy is overall strong and has made significant progress in achieving the dual goals of maximum employment and price stability in the past two years. Labor market conditions are stable and have cooled down from previous overheating. Inflation has eased, and the Fed is more confident that inflation will sustainably reach 2%.
If the economy develops broadly as expected, policy will shift to a more neutral stance over time, he said. But the Fed has no preset course and will continue to make decisions from meeting to meeting.
Cryptocurrency retreats, but still gains in September
However, cryptocurrencies did not rise along with the US stock market. Bitcoin fell all the way from 66K in the morning to a low of 62,856 yesterday, a drop of more than 3%. Research firm 10x Research said this is a typical bull retracement after overbought. However, he maintained his bullish outlook for the fourth quarter, much of which comes from expectations that the Federal Reserve will cut interest rates by another two percentage points and China's recently announced large-scale stimulus measures.
Some people are optimistic that after Bitcoin falls below the neckline, it may stage a "coffee cup pattern" similar to the U.S. stock market. That is, before the official breakthrough, there will be a platform consolidation area after the completed arc bottom, forming a A cup-and-handle shape, then breaks above the previous high.
Ethereum briefly fell below $2,600 yesterday, with a smaller decline.
However, overall, Bitcoin still rose by more than 7% in September, and Ethereum rose by 3.8%, which can be regarded as breaking the curse of cryptocurrency declines in September.
