QCP: Still optimistic about Bitcoin's strong performance in October, this Thursday's CPI data will be the focus

QCP released a daily commentary analysis stating that after experiencing a turbulent start, the rise in October seems to be back on track. The current price of Bitcoin is comparable to last Monday's level. The narrative of "Uptober" coupled with strong non-farm employment data has helped Bitcoin find strong support around $60,000.

The upcoming HBO Bitcoin documentary has also brought more mainstream attention to cryptocurrencies, especially MEME tokens related to Len Sassaman have started gaining attention. Despite a poor start last week, options flow still points towards a bullish fourth quarter.

With further interest rate cut plans and the strong correlation between Bitcoin and stocks, optimism remains for October's robust performance. This Thursday's US Consumer Price Index (CPI) will be the focus.

Recent strong U.S wage and employment data will keep markets closely watching for signs of rising inflation. The Federal Reserve's interest rate cut expectations were reduced from 50 basis points to 25 within one week; this week’s data may determine whether there will be further cancellation of rate cut pricing.