Financial markets continued their gains on Thursday.
Data released by the U.S. Department of Labor showed that 218,000 people filed for unemployment benefits for the first time in the week of September 21, the lowest number since May and lower than expected, indicating the resilience of the labor market. Meanwhile, durable goods orders were flat in August, defying expectations for a decline, and second-quarter GDP held steady at 3%, data that bolstered investor confidence in the underlying strength of the U.S. economy.
Bitcoin bulls managed to break through $65,000 on the back of a return to risk appetite, hitting a high of $65,887 in the afternoon, before retreating slightly, according to BitTorrent data. At press time, Bitcoin was trading at $65,235, up 2.84% in 24 hours.
Source: BitpushNews
Most of the altcoin markets continue to rise among the top 200 coins by market capitalization.
The biggest gainers were Shiba Inu (Shiba Inu Coin), up 21%, followed by Ethena ($ENA), up 17.5%, and Wormhole ($W), up 16.6%. Hamster Combat ($HMSTR) led the decline, down 31.3%, Bittensor ($TAO) fell 6.1%, and Baby Doge Coin ($BabyDoge) fell 5.1%.
The current overall market value of cryptocurrencies is $2.29 trillion, and Bitcoin’s market share is 56.3%.
The S&P 500, Dow Jones and Nasdaq were all higher at the end of the day, rising 0.40%, 0.62% and 0.60% respectively.
Bitcoin and PCE Report
TradingView analyst Arman Shaban noted: “Given that Bitcoin has recently risen on the weekly chart and reached the expected $65,000, there is strong support at $52,750 and the price has not fallen below $49,000. In this case, the short-term target for Bitcoin is $67,700 and $71,800. Additionally, according to previous analysis, Bitcoin’s mid-term target is $80,000.”
Source: BitpushNews
The core PCE price index (personal consumption expenditures) report will be released tomorrow, which directly affects the Fed's monetary policy decisions.
Shaban said, “If the core personal consumption expenditure data is in line with expectations (0.2%) or even lower, the market may feel less pressure to raise interest rates, which will benefit riskier assets such as Bitcoin as they face controlled inflation. "Investors facing inflation and looser monetary policies will turn to digital and higher-risk assets."
Shaban said that if core PCE is in line with expectations, Bitcoin may "continue its upward trend and reach short-term targets of $67,700 and $71,800. In the medium term, as inflation concerns ease and interest rates stabilize, Bitcoin may It will strengthen further and may reach the level of $80,000.”
However, if the core PCE data exceeds expectations and indicates higher-than-expected inflation, the Fed may decide to implement more aggressive tightening measures. Shaban warned: "This may push the dollar higher and have short-term consequences for risk assets such as Bitcoin." Pressure. In this case, Bitcoin may experience some downside volatility, with potential support at $62,000 and $60,000, which may be temporary given Bitcoin’s strong fundamental demand and technical factors. The upward trajectory will eventually resume.”
Judging from some of the economic data released so far, the most likely scenario is that core personal consumption expenditures are flat or lower than expected, which may provide further upward momentum for the cryptocurrency market.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
This article is reprinted with permission from: "Foresight News"
Original author: BitpushNews
