On Thursday, October 10, traders will be eagerly watching the release of the US CPI statistics. Among other things, the US central bank uses this data to measure the country's inflation rate. In short, this is an important indicator used by the Federal Reserve when formulating monetary policy.
Markets forecast the consumer price index to fall to 0.1% in September from 0.2% in August. Year-on-year inflation is expected to be 2.3% following 2.5% in August.
In contrast, inflation, based on the core CPI, which excludes energy and food costs, is expected to fall to 0.2% from 0.3% last month. But we expect the core CPI to remain at 3.2% this year.
However, a decline in inflation data could improve market sentiment, leading to a rally in the cryptocurrency market. But if inflation data reflects higher-than-expected levels, the selling pressure in the market could become greater.
The cryptocurrency market is waiting with bated breath for the release of U.S. Consumer Price Index (CPI) data later this week. Investors will be watching the data closely as it is crucial to understand inflationary pressures in the economy after dismal U.S. jobs data dented market confidence.
The Federal Reserve may not cut interest rates by 50 basis points at its next meeting as expected due to stronger-than-expected nonfarm payrolls, a measure of inflation.
Today's market analysis:
BTC 'BTC 4-hour strong rise has stabilized the bulls at the daily level. As long as it stabilizes at 63 today, this wave of daily level correction will end and the market will start to rise.
Today, the upper pressure level/target will continue to rise, pay attention to the positions of 63950–64535–65070
Today's small-scale correction below the support level pay attention to the positions around 63155-62700-62400
ETH's 4-hour strong rebound has touched the daily level of long and short prices. As long as it stands firmly at 2505 today, this 4-hour rebound will end and the market will still rise and drive the daily level rebound.
Today, the upward pressure level/target will continue to be 2505-2526-2550. Today, the small-scale correction will be around the support level of 2467-2435-2410.
The market trend in October is expected to show a pattern of first decline and then rise, marking the beginning of the second half of the bull market.
For those who are temporarily trapped, it is crucial to keep a calm mindset. After a long period of rise, the market generally expects a correction, which may be the best reason to adjust and clean out those unstable long positions.
The market will not only rise without falling, nor will it only fall without rising. After a period of rise, a correction is normal.
The following three reasons determine the bullish trend:
1. We are in a period of interest rate cuts/before global quantitative easing. 2. The current cost of holding BTC is high and the profit is not much. 3. The Canadian currency is supported by governments including the United States and Japan. After the conflict between Israel and Iran is resolved, it will still fluctuate upward.
After reviewing the trend of non-farm data at the beginning of each month from April to October, we found that April, June, and August were all downward corrections, while May, July, and September first retreated and then reversed. Now it is October, and no matter whether the interest rate cut is implemented or the general election is approaching in November, there is not much time left for institutions to clean up the market, and the definite upward trend in October is irreversible.
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