Analysis firm QCP Capital has released an updated assessment of Bitcoin and Ethereum
Bitcoin, the leading cryptocurrency, made a strong start to October, known as a bull month, closing the week above $86,000. This was its highest closing level in the last 8 months, but BTC still couldn’t surpass the $87,000 level and retreated back below $86,000 due to selling pressure
At this point, the market believes that economic data from the US is influencing the rise in Bitcoin prices
The fact that Personal Consumption Expenditures (PCE) and non-farm payrolls data, which the Fed closely monitors in its monetary policy decisions, came in below expectations was positively received by the market, and also lowered expectations for a further Fed interest rate hike in October
While the market awaits the Fed minutes and the October interest rate decision, an updated assessment has come from the analysis firm QCP Capital
At this point, QCP stated that these developments have lowered the probability of an interest rate hike in October to 22 percent
The analysis firm stated that the upward trend is also dominant in the crypto market, and that Bitcoin needs to remain above $87,200 to confirm further gains
QCP noted that buying interest continues at the lows, with Ethereum trading in the $2,650-$2,800 range, around $2,725, exhibiting a cautious upward trend
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