Originally published on: October 10, 2024
Bitcoin is facing uncertain times as US inflation and jobs data create a shaky environment for the cryptocurrency market. The latest data from Cointelegraph Markets Pro and TradingView shows that Bitcoin’s price is hovering around $61,000, with volatility on the rise.
The US Consumer Price Index (CPI) for September exceeded expectations, indicating stronger inflationary pressures than anticipated. This unexpected increase, coupled with a surge in jobless claims, has created what some are calling a “nightmare” scenario for the Federal Reserve.
Despite the CPI overshoot, traders are betting that the Fed will prioritize job market conditions over inflation concerns. This speculation has led to increased expectations of a 0.25% interest rate cut at the Fed’s November meeting, with the odds standing at 87%, according to CME Group’s FedWatch Tool.
Amidst all this uncertainty, trading firm QCP Capital has highlighted both internal and external sources of volatility for cryptocurrencies. Concerns over the Fed’s less dovish stance in its September meeting and selling pressures from movements related to Silk Road and PlusToken have contributed to the market’s unease.
Despite the challenges, traders are optimistic about a potential Bitcoin price rebound before the end of October. On average, October has historically seen a 23% increase in Bitcoin prices, offering hope for a turnaround in the coming weeks.
It’s important to note that this article does not provide investment advice. Readers are encouraged to conduct their own research before making any investment decisions.
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