The bearish economic data indicates that inflation is still persistent and growing. This led BTC to drop to a low of $58,950 overnight before bouncing back above $60,000 to current price levels. A fourth consecutive bearish day seems likely, and we could see BTC continue to decline. However, as noted in previous morning updates, Bitcoin remains in a long-term bullish structure as long as it stays above $57,500.
In other asset classes, Gold experienced the opposite reaction to Bitcoin, rallying on the back of the CPI data due to its status as a 'safer' asset. The DXY (USD Index) exhibited major volatility, initially dropping before rallying after the event. Meanwhile, the S&P 500 opened lower compared to Thursday’s close, traded sideways for most of the session, and closed slightly higher than its opening level.
This CPI data will be a significant factor influencing the Federal Reserve’s decision on interest rate cuts at the next meeting on November 7, assuming they do cut. Current market sentiment favors an 86.9% chance of a 50 basis point cut, up from 67.9% a week ago.
Stormrake Spotlight: SUI ($2.25)
Stormrake Spotlight: SUI ($2.25)
Our first mention of SUI in the Morning Note was at $1.86, where we highlighted it as one of the strongest cryptocurrencies in the market, a golden opportunity for investors. Since then, SUI has delivered, rising 30% and reaching new all-time highs. It has now entered the ‘Blue Sky’ phase, with no previous prices acting as resistance. Currently ranked 21st in the market, it would not surprise me to see SUI in the top 10 by the end of the bull run.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin has broken through the crucial resistance level of $63,800, which had previously been a major hurdle. It is now approaching the next key resistance at $66,800. Overnight, BTC reached a high of $66,300 before entering a brief consolidation phase, which is a bullish sign, indicating a pause before further upward movement. Any pullback is likely to be temporary, with bulls expected to buy up any dips, driving the price higher.
BTC Total ETF Flows for 14 Oct: $ N/A
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum is finally showing strength and not underperforming the rest of the market. Like Bitcoin, ETH has broken through the key resistance level at $2,556, which previously posed challenges. The next target for ETH is between $2,836–$2,862, and it is likely to reach this range if Bitcoin continues to rally. Any pullback should be seen as a buying opportunity, with no signs of significant bearishness on the horizon.
ETH Total ETF Flows for 14 Oct: $ N/A
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
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Written by Alexandar Artis
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