Consumer inflation:

m/m = 0% (expected +0.1% / previously +0.4%)

y/y = +3.2% (expected +3.3% / previously +3.7%)

The data came out better than expected, causing the dollar index (DXY) to fall 1%. Undoubtedly, this is good news for the crypto market, because the cheaper the dollar, the more expensive Bitcoin is. I think that within a few hours the market will make a call to today’s low in order to knock out those who entered immediately after the news, after which Bitcoin will head to the 37,000+ area.

Application approval window for spot BTC-ETF.

Another event that will likely determine the direction of BTC for the next week. 12 applications for the spot BTC ETF are pending approval and will most likely not receive it in the current window. The market is now “overheated” by news about ETFs, so postponing the ETF adoption deadline to January 2024 could cause capital outflow and profit-taking for those holders who keep their assets “from news to news.” Against the backdrop of capital outflow and profit-taking, Bitcoin risks going into a correction.

Conclusion.

First, we expect an update to today's low, followed by an increase to the area of ​​37000-37500, from where there will be good chances to fall below 34000.