Tonight's CPI data will play a key role in whether Bitcoin can stabilize. Recently, Bitcoin prices have fluctuated frequently. Although it fell yesterday, the decline was not large. In the evening, the shorts pushed 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.

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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 around 60,000, as we enter Friday and the weekend, 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 movements during the weekend, if there is no particularly bad news, the price is likely to stabilize around 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 usher in a new round of gains next week.

Considering the timing 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.

The minutes of this Federal Reserve meeting revealed several important information, especially the differences in expectations about future interest rate cuts.

1. Key statement: The minutes mentioned that "some participants" prefer to cut interest rates by 25 basis points immediately. This shows that there are already quite a few officials in the Fed who support rate cuts. Although they are not in the majority, this force is not small. If future economic data, especially employment data, continue to support their position, their voices will have a significant impact on the market.

2. Pace of rate cuts: Fed participants generally agreed that the initial rate cuts did not mean that there would be a rapid or frequent pace of rate cuts in the future. In other words, the market should not expect large rate cuts to become the norm. This suggests that the Fed will be cautious in its future actions and ensure that each step is fully evaluated economically.

3. Gradual policy normalization: Several participants believed that a 25 basis point rate cut would be in line with the path of gradual policy normalization, which would allow the Fed to retain more flexibility in future policy adjustments. Although this view has not yet become a consensus, it may become the dominant thinking of the Fed in the future, which means that policy adjustments will be slower and more cautious.

Since the minutes were released during a period when global markets were not very active, the market reaction was relatively flat, but the potential hawkish tendencies in the minutes may gradually emerge in the future. At present, the probability of the Fed cutting interest rates by 25 basis points on November 7 has dropped from 84.5% to 70.4%, and the probability of not cutting interest rates has increased to nearly 30%. Market expectations seem to be gradually guided by some force. As time goes by, investors will once again face the dilemma of whether to cut interest rates in early November.

Potential altcoins worth watching

1. SHIB

After an unexpected drop in the price of Shiba Inu Coin (SHIB) over the past 24 hours, there are significant signs of a rebound, especially against the backdrop of a significant increase in the burn rate. The burn rate increased by more than 455%, signaling that key metrics for the meme coin project have reset, showing a resurgence in the ecosystem.

Currently, SHIB is actively working to recover its recent losses. As of the time of writing, SHIB price has increased by 1.68% to $0.00001765, successfully breaking through the previous resistance level of $0.0000174, turning it into a new support level. This breakthrough may indicate the potential for a price rebound.

A significant increase in the burn rate has also had a positive impact on SHIB’s price action. Approximately 2,903,600 SHIB were transferred to dead wallets, and the total amount destroyed exceeded 410 trillion SHIB, while the number of SHIB in circulation is still approximately 583 trillion.

For investors, this sharp increase in the destruction rate may indicate the healthy development of the SHIB project. This positive trend is expected to attract more investors' attention and further promote the value of SHIB.

2.BONK

BONK is a Shiba Inu-themed memecoin built on the Solana blockchain that has attracted widespread attention for its unique concept of redistributing power within the Solana ecosystem. The project is community-first and focuses on providing more opportunities for ordinary users to participate, rather than relying on institutional investors or venture capital.

BONK’s utility is further enhanced by the decentralized exchange BonkSwap, which sets it apart from other tokens that are purely for speculation. As the Solana ecosystem continues to grow, BONK is poised to stand out in the meme coin space and become a long-term winner.

3. BABY

PEPE is one of the currently popular meme coins, known for its large price fluctuations and high risk and high reward characteristics. Recently, PEPE’s popularity has picked up, mainly due to the continued support of the community and the injection of some new funds.

If you prefer highly speculative currencies, PEPE can be considered, but it is more suitable for short-term operations. In a highly volatile market, timely tracking of market changes and risk management are essential.