Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»ADOPTION NEWS»Analysts are eyeing an ‘Uptober’ rally if Bitcoin holds above $60,000 amid the stock market rally.
ADOPTION NEWS

Analysts are eyeing an ‘Uptober’ rally if Bitcoin holds above $60,000 amid the stock market rally.

By Crypto FlexsOctober 12, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Analysts are eyeing an ‘Uptober’ rally if Bitcoin holds above ,000 amid the stock market rally.
Share
Facebook Twitter LinkedIn Pinterest Email

QCP Capital analysts remain hopeful for an “Uptober” bullish rally if Bitcoin holds above the $60,000 support level.

“US stock indices have rebounded with the S&P 500 hitting new highs. Although the same level of optimism is yet to be seen in cryptocurrencies, we remain hopeful for an ‘uptober’ bounce as long as the key support level at $60,000 remains intact. is maintaining,” said QCP Capital analysts.

As of Friday morning trading, the Dow Jones Industrial Average was up 0.5% and the S&P 500 was up 0.3%. The price of Bitcoin also rose slightly by 2%, exceeding $62,000, and the global cryptocurrency market capitalization was $2.27 trillion, up 1% over the past 24 hours.

The rise in stocks came after Friday’s blended Producer Price Index (PPI) data still appeared to support expectations of a 25 basis point interest rate cut from the Federal Reserve in November. The CME FedWatch tool now indicates there is an 85.9% chance of such a cut at the next Federal Open Market Committee meeting. Recent data from the U.S. Bureau of Labor Statistics showed core PPI growth was 2.8% per year, slightly above expectations of 2.7%.

“Friday’s PPI data is the main risk event of the week,” QCP Capital analysts said. They emphasized the importance of these indicators in assessing the strength of the U.S. economy amid cooling inflation.

Bitcoin futures funding rates have remained stable over the past week.

In a separate report, Coinbase analysts David Duong and David Han wrote that despite Bitcoin’s lackluster price action this week, “market sentiment remains relatively optimistic, as evidenced by last week’s stable perpetual funding ratio and open interest.” “There is no change,” he said.

Related indices

The Bitcoin outstanding interest-weighted perpetual futures funding rate is currently +0.0049%, according to Coinglass data. This means that long positions are still benefiting short positions, indicating a bullish mood in the market.

Macroeconomic factors affecting cryptocurrency performance are shifting focus from monetary policy to the US election outcome, Coinbase analysts say, as expectations for interest rate cuts remain broadly stable despite recent rises in headline CPI and core PPI. emphasized.

They also pointed out that China’s fiscal policy briefing this Saturday could indirectly impact the cryptocurrency market, especially during the period when many markets are closed.

“Cryptocurrency markets can be used as a way to express a proxy view on the size and strength of financial announcements,” they said.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Bitfinex updates version 1.116 improved platforms

June 6, 2025

SEI Network opens up the way of autonomous AI economy.

June 6, 2025

COREWEAVE is a NVIDIA GB200 Super Chip that achieves recorded MLPERF benchmarks.

June 6, 2025
Add A Comment

Comments are closed.

Recent Posts

ZK-Proof Blockchain Altcoin Lagrange (LA) New Coinbase

June 6, 2025

ZK-Proof Blockchain Altcoin Lagrange (LA) New Coinbase

June 6, 2025

Bitfinex updates version 1.116 improved platforms

June 6, 2025

Encryption leverage: 2025 trend and change analysis

June 6, 2025

Why DEGO Price tank 60%after moving USD1 Stablecoin

June 6, 2025

SEI Network opens up the way of autonomous AI economy.

June 6, 2025

SEI hit 621K wallet and $ 930m tvL, but two regions should pay attention.

June 6, 2025

Bitcoin Is An Unreplicable Lifeline In Authoritarian Regimes

June 6, 2025

COREWEAVE is a NVIDIA GB200 Super Chip that achieves recorded MLPERF benchmarks.

June 6, 2025

Bitcoin dives for less than $ 102K in fading momentum and macroscopic uncertainty.

June 6, 2025

Arca EXEC writes a scratch on Circle after IPO

June 6, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

ZK-Proof Blockchain Altcoin Lagrange (LA) New Coinbase

June 6, 2025

ZK-Proof Blockchain Altcoin Lagrange (LA) New Coinbase

June 6, 2025

Bitfinex updates version 1.116 improved platforms

June 6, 2025
Most Popular

Whoa… Geth 1.5 | Ethereum Foundation Blog

April 1, 2024

Regulatory and Legislative Analysis – January 2024

February 3, 2024

Shiba Inu Announces Release Date for First Web3 Game

August 22, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.