Big crypto week ahead? What to watch for in the ‘Uptober’ homestretch
The post Big crypto week ahead? What to watch for in the ‘Uptober’ homestretch appeared com. This is a segment from the Forward Guidance newsletter. To read full editions, subscribe. As we detail what to watch on this week’s crypto/macro front, let’s first look back to some telling economic data. Friday’s CPI report showed overall and core inflation increased 3% over the 12 months ending in September. This impacted risk assets, with S&P 500 futures rising to a new record and bitcoin reclaiming the $111,000 level. BTC continued to climb early Monday, hovering 6% higher than a week ago by midday. The “softer-than-expected” CPI print “reinforced the Fed’s dovish pivot,” according to 21apo Bank’s Gadi Chait said in a statement. BTC’s return for October was barely in the green just after Noon ET. If it holds throughout the week, the “Uptober” narrative would be satisfied for a seventh-straight year: The latest BTC bounce came two weeks after a historic wave of liquidations rocked crypto markets. This event “dramatically reduced excess positioning across major centralized venues,” Hernandez noted. “With positioning cleaned up and macro easing now confirmed rather than speculated, the foundation for upside looks materially stronger,” he added. Not everyone is bullish about BTC’s near-term outlook. Ledn CIO John Glover noted Friday that, according to his Elliott Wave.
