The release of the Personal Consumption Expenditures (PCE) Price Index, the Fed’s preferred measure of inflation, is also expected on Friday.
Markets are now pricing in a roughly 62% chance of a 50 basis point cut at the Fed’s November policy meeting and are pricing in a total of 77 basis point cuts through the end of the year .
Cryptocurrency tracker
At 11:59 am IST, Bitcoin was trading 0.46% lower at ₹63,649, while Ethereum fell 0.1% to ₹2,615. Other cryptocurrencies including BNB, XRP and Chainlink also saw declines, while Solana, Dogecoin, Toncoin, Cardano, Tron, Avalanche and Shiba Inu saw gains.“Bitcoin (BTC) is pulling back after facing stronger-than-expected resistance at the $65,000 level. This decline can be attributed to several factors, including weak macroeconomic data, concerns over a possible stock market correction, and uncertainty surrounding the impact of the upcoming US presidential election on the crypto market. The upcoming expiration of monthly and quarterly options on September 27 has also contributed to increased price volatility,” noted the CoinSwitch Markets Desk.
“Meanwhile, Ether (ETH) attempts to maintain its position above the $2,600 resistance level, but struggles to reclaim $3,000. The increase in Ether issuance has affected price action, with data from Ultrasound Money indicating that an additional 58,856.4 ETH has been added to the supply in the last 30 days, representing a rate of annualized inflation of 0.6%. This, coupled with increasing competition from lower-cost platforms such as Solana and BNB Chain, has raised concerns about Ether’s upside potential,” CoinSwitch added. Over the past 24 hours, Bitcoin’s market cap fell to $1.259 trillion, with its dominance at 56.17%. BTC trading volume fell 16.3% to $24.7 billion, while stablecoins accounted for $59.32 billion of that volume, or 91.39%, according to CoinMarketCap.
Technical view by ZebPay Trade Desk
Bitcoin is once again encountering resistance around the $65,000 level, making it a crucial barrier for bulls to overcome. A positive indicator for the market is the recent change in Bitcoin’s Puell multiple, which has entered the “green” zone for the first time since late 2022. Despite resistance at $65,000 over the past two days, bulls held firm, suggesting strength in the current dynamic. Additionally, according to the data, buyer demand for Bitcoin exchange-traded funds (ETFs) appears to be rebounding, with four consecutive days of inflows. Analysts noted in a September 23 report that Bitcoin could see further gains if traditional financial markets, such as the S&P 500, remain bullish and ETF inflows continue to show strong.
ETMarkets.comOver the past few weeks, Bitcoin has been trading sideways in a wide range from $65,000 to $55,500 with low volumes. The asset trades in a “descending channel” pattern on a daily time frame. Breakouts on either side of the pattern will further determine the asset’s trend. BTC enjoys strong support at $56,000 and $52,500, while $66,000 will act as strong resistance.
(Disclaimer: The recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of The Economic Times.)
