BlockBeats reported that on October 7, QCP released a daily review analysis saying that after a turbulent start, the rise in October seems to be back on track. The current price of Bitcoin is comparable to the level of last Monday.
The “Uptober” storytelling, coupled with strong non-farm payrolls, helped Bitcoin find strong support around $60,000. The upcoming HBO Bitcoin documentary has also brought more mainstream attention to cryptocurrencies, especially MEME tokens associated with Len Sassaman, which have also begun to gain attention.
Despite last week’s poor start, options flows still point to a bullish fourth quarter. With further rate cuts planned and Bitcoin’s strong correlation with stocks, optimism remains for a strong October.
The US Consumer Price Index (CPI) will be in focus this Thursday. Recent strong US wage and employment data will keep the market closely watching for signs of rising inflation. The Fed’s rate cut expectations were lowered from 50 basis points to 25 basis points in a week, and this week’s data may determine whether further rate cuts are priced in.
