The Fed Chairman made a speech in the early morning, which was consistent with the previous one. He stressed that there is no rush to cut interest rates and maintained the expectation of 50 basis points, which suppressed the market's expectation of a 75 basis point rate cut. The probability of a 50 basis point rate cut in November is rapidly decreasing. The ADP employment data will be released tomorrow, and there will also be non-farm data and unemployment rate on Friday, which may affect market forecasts.
Bitcoin finally broke through the 200-day moving average after hovering for a week, and now it seems to be back to square one. I mentioned before that Bitcoin's daily indicators are a bit overheated. After rising to $66,000, the RSI is close to overbought. There is a lack of buying support in the first quarter, and there is a risk of price decline. Therefore, cherish the retracement of the past two days. If you see BTC starting with 5 again in October, you must seize the opportunity to buy at the bottom!
Potential altcoins worth watching
1.BNB
Since its launch, BNB has been gaining popularity and its value has continued to rise. BNB Chain aims to attract the next billion users and strive to bridge the gap between Web2 and Web3. The platform has a special focus on stablecoins and has launched a series of initiatives to encourage their use, including a total value locked incentive program and the integration of stablecoins into the DeFi ecosystem.
In addition, BNB Chain has launched a no-gas campaign to reduce transaction costs and cooperated with payment gateways to promote the application of stablecoins in the real world. Currently, the BNB token is trading at $597.15, and market sentiment shows a bullish trend with a fear and greed index of 63.
2.XRP
Although Ripple sold 350 million XRP in September, which caused the market to briefly react negatively, XRP has shown strong resilience in difficult market conditions.
Currently, the price of XRP is $0.6498, up 2.29% in the past 24 hours and 6.12% in a week. This upward trend makes some analysts optimistic about its prospects, especially under the prediction of the "altcoin season", the possibility of XRP continuing to rise is further increased.
