Having a bumpy start to October Bitcoin (BTC) 
$63,272recovered at the end of last week and returned to levels close to last Monday. In this month, known as “Uptober” in the cryptocurrency market, BTC regained strength and encouraged investors.
Positive Signs for the Cryptocurrency Market
QCP CapitalHe noted that strong employment data from the US helped Bitcoin find strong support around $60,000. An upcoming HBO documentary has also brought more mainstream attention to Bitcoin. It was noted that memecoins, especially created in the name of Len Sassaman, started to become popular as a part of this interest.
Although last week had a rough start options marketThe movements in 2024 still give positive signals for the last quarter of 2024. The fact that call spreads at 75 thousand/95 thousand dollars, especially for December, continue to find buyers indicates that investors are hopeful.
According to QCP Capital US Federal ReserveThe possibility of the Fed lowering interest rates further could be a positive development for the cryptocurrency market, given the strong correlation of the largest cryptocurrency with stocks.
US Inflation Data is eagerly awaited
In addition to all these developments, QCP Capital analysts cryptocurrency marketHe noted that the company will keep an eye on the US Consumer Inflation (CPI) data to be announced this week. It is a matter of great curiosity whether inflation has increased due to the strong wage and unemployment data recently announced.
Last week, the Fed’s interest rate cut expectation decreased from 50 basis points to 25 basis points. According to analysts, inflation data to be announced this week will affect global markets and cryptocurrency This will be a determining factor in whether there will be further interest rate cuts in the market.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
