As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed countless cycles and trends, both bullish and bearish. The current state of Bitcoin (BTC) seems to be no exception, as it continues its rollercoaster ride in response to macroeconomic data releases.
On October 31, the opening of Wall Street saw Bitcoin (BTC) dip towards $71,000, as the release of U.S. economic data didn’t manage to revive the upward momentum of its price.
Bitcoin shrugs off PCE “nothing burger”
According to data from both CryptoMoon Markets Pro and TradingView, there has been a continuous decrease in the value of Bitcoin against the US Dollar today, with a reduction of approximately 1.6%.
According to predictions, the September edition of the Personal Consumption Expenditures (PCE) index showed a general decline as expected, without causing any unexpected fluctuations in financial markets. However, this news did not seem to elicit much enthusiasm in the crypto market.
In their response about topic X, The Kobeissi Letter noted that both fundamental inflation measures, specifically Core Personal Consumption Expenditures (PCE) and the Consumer Price Index (CPI), continue to show high levels and resistance to decline.
“The ‘Fed pivot’ is being delayed again.”
Kobeissi discussed the potential reduction in interest rates that authorities might consider, and he mentioned that their next move regarding this matter is scheduled for November 7th.
According to the most recent information from CME Group’s FedWatch Tool, the predicted market bets have remained constant, indicating an approximately 96% likelihood that there will be a 0.25% reduction in interest rates next week.
Michael van de Poppe, a trader, analyst, and entrepreneur, posited that it’s the upcoming US nonfarm payrolls data due on November 1 that may bring significant market volatility.
“Big nothing burger on the data, so all eyes are on tomorrow,” he told X followers.
“Yields are slowly going upwards, through which we’re waiting for the official unemployment rate data to see whether we can get volatility on $BTC & $ETH.”
BTC price squeezes longs into monthly close
By examining the pattern of transactions on the Bitcoin exchange, it was observed that significant traders (often referred to as “whales”) have been decreasing their holdings of Bitcoin over the last 24 hours.
In comparison to the previous week, as per CryptoMoon’s report, I observed a pattern of accumulation within the whale groups this time around.
Daan Crypto Trades, a well-known commentator, mentioned in his recent post on X that there’s a significant reduction in long positions,” or simply, “Daan Crypto Trades noted in his X post that there’s a substantial unwinding of long positions.
“Over $500M+ in Open interest already gone on a price move of just -2%.”
Daan Crypto Trades forecasts that the market will become increasingly unpredictable moving forward, remaining volatile through the upcoming week.
According to the recent data from monitoring resource CoinGlass, the price appears to be steadily increasing towards $70,000 by consuming bid-side liquidity.
Despite only a few hours left before the October candle concludes, Bitcoin (BTC/USD) is still showing an increase of over 13% since the beginning of the month.
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2024-10-31 17:50