According to QCP Asia’s September 12, 2024 report, US Consumer Price Index (CPI) data came in line with expectations, with core inflation rising by 0.3 percent monthly, above the 0.2 percent forecast.
This situation increased the probability of a 25 basis point rate cut by the Fed to 85%, the highest level in a month. The Fed's interest rate decision meeting will be held on Wednesday, September 18, 2024, and the September interest rate decision will be announced at 21:00 in the evening.
In the cryptocurrency market, Bitcoin (BTC) has recovered from intraday losses and regained the $57,000 level, indicating strong demand and an optimistic outlook.
“In the options market, the increasing demand for Call options, especially with October-December maturity, is drawing attention,” QCP analysts said.
Bitcoin could be affected by US elections
BTC volatility has dropped by 12 points this week. After the CPI statement and the presidential debate, volatility is expected to continue to fall until the next FOMC meeting.
Given the positive economic developments such as the upcoming interest rate cut and the US presidential election, the market is gaining momentum.
According to the QCP team, Bitcoin is likely to stabilize in the $70,000 to $80,000 range in November, amid the US elections.
Stay tuned for new information.
