Bitcoin (BTC) slipped toward $71,000 during the Wall Street open on Oct. 31, as new U.S. macroeconomic data failed to stimulate an upward move in BTC’s price.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD retracing, down about 1.6% on the day.
The September release of the Personal Consumption Expenditures (PCE) index largely aligned with expectations, delivering no major surprises. Despite this, crypto markets showed little reaction.
“Both core PCE and CPI inflation remain elevated and stubborn,” observed trading resource The Kobeissi Letter on X. “The ‘Fed pivot’ is being delayed again.” The reference here is to potential future rate cuts, with the next Fed decision set for Nov. 7.
Data from CME Group’s FedWatch Tool showed no shift in market expectations, with a 96% likelihood of a 0.25% rate cut next week.
Continuing his analysis, trader and analyst Michaël van de Poppe suggested that nonfarm payrolls data on Nov. 1 might bring more volatility. “Big nothing burger on the data, so all eyes are on tomorrow,” he told followers on X, adding that “we’re waiting for the official unemployment rate data to see whether we can get volatility on $BTC & $ETH.”
Trading resource Material Indicators observed that Bitcoin whales had been reducing their BTC holdings over the past 24 hours, contrasting with previous accumulation seen earlier in the week.
“Large amount of longs being unwound,” popular crypto analyst Daan Crypto Trades shared on X, noting that “Over $500M+ in Open interest already gone on a price move of just -2%.”
The market continues to monitor U.S. economic indicators, which may drive volatility in BTC’s price as the monthly close approaches and investors look to adjust their portfolios ahead of November’s critical data points.
