BlockBeats news reported on October 7 that QCP released a daily commentary analysis which suggested that October’s rise in Bitcoin prices is back on track after a turbulent start. The current price of Bitcoin is similar to levels seen last Monday.
The narrative of “Uptober” along with strong non-farm payrolls data has helped Bitcoin find support around $60,000. The upcoming HBO Bitcoin documentary has also brought more mainstream attention to cryptocurrencies, especially the MEME token associated with Len Sassaman, which is gaining traction.
Despite a challenging start to last week, options flows indicate a bullish fourth quarter. With planned rate cuts and Bitcoin’s correlation with stocks, there is optimism for a strong performance in October.
This Thursday’s US Consumer Price Index (CPI) will be closely watched. Strong U.S. wage and employment data has raised concerns about rising inflation. Expectations for Fed rate cuts have been reduced from 50 basis points to 25 basis points in a week, and this week’s data could determine whether further rate cuts are anticipated.
Source: [BlockBeats News](https://m.theblockbeats.info/news/265898)
