QCP: This week's CPI and PPI data are key risk events, and $60,000 is an important support level for Bitcoin

BlockBeats news, on October 10, QCP Capital posted on its official channel that yesterday's Fed meeting minutes showed a less dovish tone, calling into question the Fed's victory in the fight against inflation. Coupled with last Friday's strong non-farm payrolls data, market expectations for a 25 basis point rate cut in November rose to 83.7% from 67.9% last week.

Tonight's CPI and tomorrow's PPI data will be key risk events this week. In addition, the earnings reports of major banks (JPM/WFC) will also be key factors in assessing the strength of the US economy in slowing inflation.

Although US stock indexes rose last night and the S&P 500 hit a new high, this optimism did not show up in the crypto market. Selling pressure intensified again due to news about Silk Road's Bitcoin and PlusToken's Ethereum sell-offs. As long as Bitcoin holds the key support level of $60,000, we remain optimistic about the "Uptober" market.

Given that the market expects further interest rate cuts in the future, it is inclined to lock in profits at the current weak spot price level and make arrangements for the year-end rebound.