QCP Capital: Tonight's CPI data and tomorrow's PPI data will be key risk events for this week, with a focus on Bitcoin's $60000 support level

Singapore based cryptocurrency investment firm QCP Capital has issued a statement saying: "Yesterday's Federal Reserve meeting minutes revealed a more hawkish stance, questioning the Fed's victory in combating inflation. Combined with strong employment data last Friday, the market raised its 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. In addition to the financial reports of major banks such as JPMorgan Chase JPM and Wells Fargo WFC, these data are crucial for assessing the strength of the US economy against the backdrop of cooling inflation. Although the US stock market index rose last night and the S&P 500 index hit a new high, the cryptocurrency market did not show the same optimism, and selling pressure emerged again, possibly due to the impact of the Silk Road Bitcoin sell-off and PlusToken Ethereum sell-off news. As long as the key support level of 60000 remains unbroken, we remain optimistic about the 'Uptober' (October uptrend). Given that the market expects more interest rate cuts in the future, we tend to lock in returns at these sluggish spot levels and prepare for an upward trend at the end of the year