Bitcoin (BTC) fell towards $71,000 at the opening on Wall Street on October 31 as US macro data failed to reignite the BTC price rally.
BTC/USD 1-hour chart. Source: TradingView
Bitcoin ignores PCE as “nothing”
Data from Cointelegraph Markets Pro and TradingView shows BTC/USD continued to retrace, down 1.6% on the day.
September’s Personal Consumption Expenditures (PCE) index largely met expectations and failed to deliver on the volatility curve, but the cryptocurrency market appears to be in no mood to celebrate.
“Both core PCE and CPI inflation remain high and stubborn,” trading resource Kobeissi Letter wrote in part of its response to X.
“The ‘Fed Pivot’ Is Delayed Again.”
Kobeissi mentioned the possibility of interest rate cuts by officials, and the next decision on this is scheduled for November 7.
The latest data from CME Group’s FedWatch tool shows a 96% chance of a 0.25% cut next week, with market bets remaining unchanged since the latest data.
Fed target interest rate probability. Source: CME Group
Trader, analyst and entrepreneur Michael van de Poppe then argued that the US non-farm payrolls data on November 1 will be the real opportunity for volatility.
“There’s nothing big in the data, so all attention is on tomorrow,” he told his X followers.
“Yields are slowly rising and we are awaiting official unemployment data to see if this will provide some volatility for $BTC and $ETH.”
BTC price pressures buying into monthly close.
Trading resource Material Indicators, which analyzed exchange order book behavior, noted that Bitcoin whales have spent the last 24 hours reducing their BTC exposure.
relevant: With Bitcoin ETFs receiving close to $1 billion in daily inflows, BTC price risks hitting new ‘FOMO’ highs.
This contrasts with last week, which was characterized by accumulation across whale populations, as reported by Cointelegraph.
Popular commentator Daan Crypto Trades added in part of
“More than $500 million in open interest has already been wiped out with a price movement of just -2%.”
This is a BTC/USD chart with open interest data. Source: Daan Crypto Trades/X
Daan Crypto Trades predicted that the market will become “more volatile between now and next week.”
Latest data from monitoring resource CoinGlass shows bid-side liquidity heading toward $70,000.
Even with a few hours left until the October candle closes, BTC/USD remains up over 13% on a monthly basis.
BTC liquidation heatmap (screenshot). Source: Coinglass
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.