Fed interest rate decision and Bitcoin technical analysis

This week will be very busy. Markets will focus on the Federal Reserve (#Fed ) interest rate decision and Powell's speech on November 1 at 21:00 CET. According to #CME data, 97.4 percent are certain that the rate will remain constant between 5.25 percent and 5.50 percent, while those expecting an interest rate cut are around 2.6 percent. In his speech in front of the New York Economic Club last week, Powell stated that tight financial conditions may be necessary, but the Fed's actions may be less needed due to rising market interest rates. That's why Powell's speech at the FOMC press conference at 21.30 is of great importance.

Joe Biden has requested from Congress $61.4 billion for the Ukraine war, $14.3 billion for aid to Israel, and more than $9 billion for intervention in humanitarian crises, including Gaza, but the US budget deficit continues to increase. It does.

In the cryptocurrency markets, the positive atmosphere created by the expectation of spot #Bitcoin #ETF approval continues. While Bitcoin dominance has reached the peak of the last one and a half years with 54 percent, it is preparing to close October with a green candle. On November 1, we will receive the earnings report of Microstrategy, which we know well with its Bitcoin investments. We are experiencing positive divergence in some altcoins such as Metaverse.

Economic Calendar

Tuesday, October 31, 2023

Euro Zone – Consumer Price Index (CPI) (Annual) Expectation: 3.4% Previous: 4.3% – 12.00

Wednesday, November 1, 2023

USA – Federal Funds Target Rate Expected: 5.50% Previous: 5.50% – 21.00%

USA – Federal Open Markets Committee (FOMC) Press Conference – 21.30

Microstrategy will announce its earnings report on Wednesday, November 1st at 23:05.
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