Bitcoin's price shows instability following the release of variable US inflation and unemployment data, causing significant market swings.
Inflation Data and BTC Price
The September US Consumer Price Index exceeded analyst expectations, indicating stronger inflationary pressures. At the same time, unemployment claims hit their highest since June 2023.
Fed's Decision Outlook
Despite unpromising data, some analysts believe the Fed is likely to focus on employment levels rather than slight CPI changes. Market participants expect a potential 0.25% interest rate cut at the next meeting.
Selling Pressure and Market Movement
Amid these developments, trading firms highlight both internal and external volatility sources. The Fed's meeting minutes showed less dovishness than expected, and BTC selling pressure increased with news of Silk Road funds movement. Nonetheless, participants hope for an October price rise if the 60,000 level remains support. A trader noted: “We remain hopeful of an Uptober rally as long as the 60,000 key support level remains intact.”
Despite current market uncertainty, participants anticipate a potential Bitcoin price recovery based on historically strong October performance.