At 8:30 last night, the United States released the seasonally adjusted CPI data for the end of September. The market forecast was 2.3%, and the actual published value was 2.4%, which was slightly bearish. However, it was still lower than last month's 2.5%, which did not affect the expectation of further interest rate cuts next month. The inflation target of 2% set by the United States is also gradually approaching. This means that once the inflation target of 2% is achieved, the next interest rate cut will be launched more unscrupulously, with the sole purpose of releasing circulating funds to stimulate economic development.

Due to the influence of yesterday's CPI data, Bitcoin has experienced a slight short-term decline and the price rebound has been blocked. In terms of technical form, it happened to fall below the pin support level of 59,800 in early October to a minimum of US$58,946, completing a short-term false break pattern and eliminating the market's long positions. At the same time, it can also attract short orders to enter the market. At present, the price continues to remain around 60,500 after the rebound.

Xunzhang believes that the emergence of such a technical K-line trend means that the short position has come to an end. Next, there is a high probability that the mid-term upward trend will begin. Moreover, the price has adjusted from 66,500 points to around 59,000 points, and there has been an 11% retracement, which is relatively sufficient in the short-term retracement. Compared with the 26% increase from the 52,500 point to around 66,500 points on September 7, the retracement range is between one-third and two-thirds of the increase, and the trend is very healthy.

Overall, the current market bulls have a better environment. First, after the Fed cut interest rates, market liquidity is constantly looking for new investment points. The second point is that after the revolutionary passage of ETFs, the formality of the currency circle has been confirmed. From the latest data, more than half of traditional hedge funds are involved in this market. The passage of Bitcoin ETFs makes it easier for retail investors to buy shares of Bitcoin. The total managed assets of US spot ETFs now have a market value of US$58 billion, holding about 4.6% of the circulating supply of Bitcoin. If the price of Bitcoin deposited into these ETFs is marked as a reference point for estimating their average acquisition cost, the cost benchmark of these ETFs is between US$54,900 and US$59,100. At present, Medal believes that profits have not been opened and there is a lack of urgent need to sell, so prices have the potential to continue to rise.

Judging from the current market expectations, it is inevitable that interest rates will continue to be cut in November, at least 25 basis points. This means that bank circulating funds will also be further released. Based on the above, Xunzhang believes that compared with the current price, Bitcoin has medium- and long-term potential for rising. The current price of 60,500 is a good time to intervene. At the same time, the low of 58,900 at 2 o'clock today can be used as a defensive point to reduce positions. The distance is short and the profit and loss ratio is relatively appropriate. At this time, it is suitable to participate in spot and contract long orders simultaneously.

Note to coin friends: The direction of the coin market changes rapidly. It is difficult to grasp the best time and turning points without professional knowledge and data acquisition. It is recommended to pay attention to the medal to obtain timely strategy follow-up dynamics.$BTC