Is Bitcoin Eyeing $70K by November?
The post Is Bitcoin Eyeing $70K by November? appeared on BitcoinEthereumNews.com.
BTC shows resilience post-CPI, recovering to $57K with bullish sentiment. Declining Bitcoin volatility signals market calm before FOMC meeting. Election Ticket trade idea offers potential 180% payout amid market momentum. The probability of a 25 basis point Federal Reserve rate cut jumped to 85% following the latest U.S. Consumer Price Index (CPI) data, which showed a slight uptick in core CPI to 0.3%. This news propelled Bitcoin (BTC) back above the $57,000 mark, signaling strong demand and growing bullish sentiment. Increased interest in Bitcoin call options with October to December expiries further reflects traders’ optimism for the coming months. Bitcoin Volatility Dips Ahead of FOMC Bitcoin’s liquidity saw a 12-point drop this week, triggered by the CPI release and the U.S. presidential debate. With no major monetary events expected before next week’s Federal Open Market Committee (FOMC) meeting, a further decline in price volatility is anticipated. Read also: Bitcoin’s July Blues: Can CPI Data Spark a Rebound? Despite this lull, market demand is building in anticipation of the upcoming U.S. presidential elections and the potential Fed rate cut. An intriguing trade idea, the “Election Ticket,” offers a 180% payout if Bitcoin settles between $70,000 and $80,000 on November 8th. Even if the target isn’t met, investors will receive 80% of their principal back, limiting potential losses to 20%. Market Performance: Bitcoin vs. Traditional Assets A recent update from analytics platform Santiment highlighted the impact of the positive U.S. CPI report and other economic factors across various asset classes. The S&P 500 and gold are nearing all-time highs, while Bitcoin, currently at $57.2K, still has ground to cover to reach its peak of $73.7K. 🇺🇸📈 The positive US CPI report and various other economic factors have paved the way for the S&P 500 (near ATH) and gold/silver prices (currently at ATH)…
Filed under: News - @ September 13, 2024 12:23 pm