Tonight's CPI data will play a key role in whether Bitcoin can stabilize. Recently, Bitcoin prices have fluctuated frequently. Although it fell back yesterday, the decline was not large. In the evening, the bears exerted their strength to push the price to the support level near 61,700, and broke through this key point in the early morning. The price fell rapidly, reaching a low of 60,300, and then rebounded slightly to 60,800.

This pullback reminds people of the situation when Bitcoin hit the 60,000 mark in the early stage. As an important support level, 60,000 has always been stable. From the daily level, the current price is close to the lower track of the Bollinger Band, and the 60,000 mark coincides with the lower track of the Bollinger Band, which provides strong technical support for Bitcoin. Therefore, it is unlikely that the price will fall below 60,000 again in the short term.

Today is Thursday, a critical day for Bitcoin. The bears still have the opportunity to continue to exert pressure, so it is particularly important to hold the 60,000 mark. If Bitcoin can stabilize near 60,000, as Friday and the weekend approach, market volatility usually slows down, and the price is unlikely to fall below this level easily.

Considering the psychological barrier effect of 60,000 and the lack of major market trends during the weekend, if there is no special bad news, the price is likely to stabilize near 60,000. If Bitcoin can stabilize above this support level in the next few days and there is no major bad news over the weekend, the market may be expected to usher in a new round of increases next week.

Combined with the time point of CPI release, I personally think that tonight's data is likely to be positive. If so, there may be further expectations of interest rate cuts in November. #SCR新币挖矿开始！ #6万保卫战 #特朗普当选概率上升