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《This week's US economic data and cryptocurrency market outlook🚀🚀🚀》
This week has been full of big events, with a series of US economic data coming out soon, which has a significant potential impact on Bitcoin and the entire cryptocurrency market. The cryptocurrency market showed a slight upward trend over the past weekend, and the momentum remained strong in early Asian trading on Tuesday. Once expectations of rate cuts rise again, the market is expected to get further impetus.
Quick review of economic events (October 7-11): On Wednesday, the minutes of the September Federal Reserve meeting will be released, opening a window for us to understand the views of monetary officials on the economy. On Thursday, the core consumer price index (CPI) report is coming, and as one of the key indicators for measuring inflation, it is very likely to directly affect the Fed's policy rate.
On Friday, the September producer price index (PPI) report and consumer confidence index will also be released, which are important factors that have a far-reaching impact on the market. In addition, JPMorgan Chase, Wells Fargo and BlackRock will release corporate earnings reports this week, which may have a certain impact on market sentiment.
As of yesterday, Bitcoin closed at about $63,000 on a weekly basis. Although it once fell below the 200-day moving average in the short term, its overall weekly trend remained stable and successfully achieved four consecutive weeks of gains. Ethereum and other altcoin markets performed differently, and overall they were in a range-bound state on the daily chart, indicating that the market is actively looking for new breakthrough directions.
From another perspective, geopolitical factors cannot be ignored, especially the escalating conflicts in the Middle East, which may have a negative impact on market recovery.
Conclusion: The economic data to be released by the United States this week, such as core CPI, PPI and consumer confidence index, play a vital role in Bitcoin prices. If inflationary pressures are eased, expectations for interest rate cuts are likely to increase, which will be beneficial to risky assets including Bitcoin. At the same time, rising expectations for interest rate cuts may prompt funds to flow into the cryptocurrency market, thereby boosting market conditions. Everyone must pay close attention to these factors in order to better grasp investment opportunities.
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