Bitcoin’s downward trend line once again failed to challenge, falling steadily since last Thursday, dropping from $69,552 to $68,000 at 8 a.m. this morning, with other cryptocurrencies experiencing even more pronounced declines.
It is worth noting that the two major events of global investment markets, the Consumer Price Index (CPI) and the Federal Reserve interest rate decision, will be announced simultaneously this Wednesday. It can be expected that both the US stock market and the cryptocurrency market will experience intense two-way volatility.
CPI YoY: Previous 3.4%, Expected 3.4%.
Core CPI YoY: Previous 3.6%, Expected 3.5%.
Interest rate decision: The FedWatch Tool shows a 99% probability of maintaining the benchmark interest rate range at 5.25% to 5.5%.
Andrew Tyler, the US Market Information Director at JPMorgan’s trading department, stated in a report that the S&P 500 is expected to experience two-way volatility of 1.3% to 1.4% before Friday. This expected volatility range is based on the price of at-the-money straddle options expiring that day, reflecting an unusually intense market battle between long and short positions. The vast majority of this volatility is expected to occur after the release of the Consumer Price Index (CPI) data and the Federal Reserve interest rate decision.
(Reprinted with authorization from GT Radar)
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