China’s Q3 GDP grew 4.5% year over year, accelerating from 4.3% in Q2 and beating market expectations. September retail sales rose 1.1% year over year, versus expectations of just 0.5%. After the data came out, risk assets broadly strengthened: Nasdaq futures rose more than 1%, Bitcoin climbed to around $83,000, up 1.6% over 24 hours.
One detail is worth considering: gold barely moved that day, remaining around $4,180, while the dollar index stayed below 102. With risk appetite recovering, gold was flat while Bitcoin rose. This looks more like liquidity expectations driving up beta assets than investors buying safe havens.
My view: Bitcoin is now trading as global risk beta, not digital gold. What will really set the direction is the U.S. September CPI, which has risen to 3.7%, and the Federal Reserve meeting on October 27–28. If expectations for rate cuts keep getting pushed back, this rally to $83,000 could well be just a rebound.
Question: Will $BTC first test the resistance at $86,600, or pull back to the 50-day moving average at $80,600? #ChinaQ3EconomicGrowthAcceleratesTo4.5%
One detail is worth considering: gold barely moved that day, remaining around $4,180, while the dollar index stayed below 102. With risk appetite recovering, gold was flat while Bitcoin rose. This looks more like liquidity expectations driving up beta assets than investors buying safe havens.
My view: Bitcoin is now trading as global risk beta, not digital gold. What will really set the direction is the U.S. September CPI, which has risen to 3.7%, and the Federal Reserve meeting on October 27–28. If expectations for rate cuts keep getting pushed back, this rally to $83,000 could well be just a rebound.
Question: Will $BTC first test the resistance at $86,600, or pull back to the 50-day moving average at $80,600? #ChinaQ3EconomicGrowthAcceleratesTo4.5%
