According to BlockBeats, on October 7, QCP released its daily commentary and analysis, indicating that after a turbulent start, October's upward trend for Bitcoin appears to be back on track. Currently, Bitcoin's price is comparable to its level from last Monday.
The narrative of 'Uptober' combined with robust non-farm payroll data has helped Bitcoin find strong support around the $60,000 mark. Additionally, the upcoming HBO Bitcoin documentary has brought more mainstream attention to the cryptocurrency, particularly highlighting the MEME token associated with Len Sassaman.
Despite a poor start last week, options flow still points to a bullish fourth quarter. With further interest rate cuts planned and Bitcoin's strong correlation with stocks, there remains optimism for a strong performance in October.
This Thursday, the U.S. Consumer Price Index (CPI) will be in the spotlight. Recent strong U.S. wage and employment data will have the market closely watching for signs of rising inflation. The Federal Reserve's rate cut expectations have been lowered from 50 basis points to 25 basis points within a week, and this week's data could determine whether further rate cut pricing will be removed.
