QCP Capital: Tonight's CPI data and tomorrow's PPI data will be key risk events for this week, pay attention to the BTC support level at 60,000 USD

ChainCatcher news, Singaporean crypto investment firm QCP Capital stated: "The minutes from yesterday's Federal Reserve meeting revealed a more hawkish stance, raising doubts about the Fed's victories in combating inflation. Combined with last Friday's strong employment data, the market has raised the expectation of a 25 basis point rate cut in November from 67.9% last week to 83.7%.

Tonight's Consumer Price Index (CPI) and tomorrow's Producer Price Index (PPI) data will be key risk events for this week. Along with the earnings reports from major banks (such as JPMorgan Chase and Wells Fargo), this data is crucial for assessing the strength of the U.S. economy in the context of cooling inflation.

Despite the rise in U.S. stock market indices last night, with the S&P 500 reaching a new high, the cryptocurrency market did not show the same optimism, with selling pressure re-emerging, possibly influenced by the Silk Road Bitcoin sell-off and PlusToken Ethereum sell-off news. As long as the key support level of 60,000 remains intact, we still hold an optimistic view on 'Uptober' (October rally). Given the market's expectation of more rate cuts in the future, we prefer to lock in profits at these depressed spot levels and prepare for a year-end rally."