Bitcoin’s downward trend line faced another challenge and failed again, dropping steadily since last Thursday. This morning at 8 o’clock, it fell from $69,552 to $68,000, with other altcoins showing even more significant declines.
It is worth noting that the two major events that the global investment market is focusing on, the Consumer Price Index (CPI) and the Federal Reserve interest rate decision, will be announced simultaneously this Wednesday. It can be expected that both the US stock market and the cryptocurrency market will experience severe two-way fluctuations.
CPI annual growth rate: Previous value 3.4%, Expected 3.4%.
Core CPI annual growth rate: Previous value 3.6%, Expected 3.5%.
Interest rate decision: The FedWatch Tool shows a 99% maintenance of the benchmark interest rate range at 5.25% to 5.5%.
Andrew Tyler, the head of market information at JPMorgan’s trading department, stated in a report that the S&P 500 is expected to fluctuate by 1.3% to 1.4% before Friday. This expected volatility range is based on the prices of straddle options expiring that day, reflecting the intense market battle between bulls and bears. The majority of the volatility is expected to occur after the release of the Consumer Price Index (CPI) data and the Federal Reserve interest rate decision.
(Reprinted with permission from GT Radar)
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