Woke up and checked BTC first. Turns out barely anything happened overnight—it just hovered between 81,440 and 81,980 all night. It’s at 81,750 now.
Last night I said whether 81K could hold was the key. At least it hasn’t been tested yet. But there hasn’t been any convincing rebound either: still down 2% over 24 hours. $ETH is a little weaker, at 2,425, down 3.3%. Overall, the market still hasn’t recovered from the CPI report.
WAL put on another show overnight, though. It was at 0.060 before bed, surged to a high of 0.0679 in the middle of the night, then slid all the way back to 0.059. Anyone who chased the high got stuck with a 13% loss in one night. Yesterday I said volume-driven rallies without a clear catalyst tend to come and go fast, and this time that proved true. It’s still up 50% over 24 hours, but I don’t know if it’ll make another run. I’m still staying away.
The real focus today is tonight. The US September PPI report comes out at 20:30 Taiwan time. CPI already came in hot, and if PPI is hot again, the case for a rate hike at the end of October will get stronger. In that case, it’ll probably be hard for BTC to avoid a test of 81K. If the data is mild, it could give BTC—under pressure these past couple of days—a chance to catch its breath.
I probably won’t make any moves during the day. I’ll see what happens after the data comes out tonight.
#BTC #PPI
Last night I said whether 81K could hold was the key. At least it hasn’t been tested yet. But there hasn’t been any convincing rebound either: still down 2% over 24 hours. $ETH is a little weaker, at 2,425, down 3.3%. Overall, the market still hasn’t recovered from the CPI report.
WAL put on another show overnight, though. It was at 0.060 before bed, surged to a high of 0.0679 in the middle of the night, then slid all the way back to 0.059. Anyone who chased the high got stuck with a 13% loss in one night. Yesterday I said volume-driven rallies without a clear catalyst tend to come and go fast, and this time that proved true. It’s still up 50% over 24 hours, but I don’t know if it’ll make another run. I’m still staying away.
The real focus today is tonight. The US September PPI report comes out at 20:30 Taiwan time. CPI already came in hot, and if PPI is hot again, the case for a rate hike at the end of October will get stronger. In that case, it’ll probably be hard for BTC to avoid a test of 81K. If the data is mild, it could give BTC—under pressure these past couple of days—a chance to catch its breath.
I probably won’t make any moves during the day. I’ll see what happens after the data comes out tonight.
#BTC #PPI