CPI exceeded expectations, Bitcoin fell below 59,000
Last night, the United States released the September CPI data, which exceeded expectations and inflation rose. The probability of betting on a sharp interest rate cut in November decreased, and the probability of suspending interest rate cuts or cutting interest rates by 25 points increased. After the data was released, Bitcoin continued to fall from around 61,200 and fell below the $59,000 mark at 2 a.m. It then began to rebound, and the current price is above 60,000.
There has been no wealth effect recently, and the good performance of A-shares has led to tight liquidity in the currency circle. Bitcoin rebounded from 52,000 to 64,000 and then fell back to around 60,000. The prices of many altcoins are still only the prices when Bitcoin was 55,000, and some even hit new lows. For example, the meme coins on the TON telegram track, DOGS fell 50% from the opening price, and HMSTR fell 70% from the opening price. Those who took over the opening and bought the bottom of these coins during the process were more uncomfortable than eating shit.
Today's market analysis, from the K-line, BTC is in an upward trend at the one-hour level, the 4-hour level is about to enter an upward trend, and the 12-hour and daily levels are still in a downward trend (it looks like it will close with a K-line with a long lower shadow, and is expected to stop falling and rebound). The intraday pressure level is 62,300, and the support level is 58,800 US dollars.
