This Week’s Economic Calendar Expectations:
|Previous Month’s Announced Data
|US Consumer Price Index (CPI) (Annual)
|Eurozone Consumer Price Index (CPI) (Annual)
|SEC’s decision on Franklin Templeton and Hashdex’s spot Bitcoin ETFs
|CKB (Nervos Network) halving’i
Last week’s top 5 most searched altcoins worldwide:
Recently, in the Bitcoin sector, we are pricing in the Federal Reserve’s cessation of tightening. This is because signals were given that there will not be an interest rate increase in the next period, and expectations for rate cuts have started to form in the markets since May. In fact, the market is pricing this and the ETF expectations.
Currently, there are two main news flows determining the direction in cryptocurrencies: one is the interest rate decisions in the US, and the other is the ETF expectations. Keeping a close watch on these is very important for the health of our transactions. Aside from these, there will not be any other significant data flow in the markets this week. We will be facing the US CPI figures on Tuesday.
Last week, BTC reached $38,000. The expectation driving BTC to the $38,000 levels was the application by major companies like BlackRock to set up index fund ETFs based on the spot price of Bitcoin. When these applications are approved, they will bring a portion of investments owned by institutional clients to ETFs. Additionally, with the expectation of demand creation, the levels seen by BTC continue to maintain strong expectations. Currently, we are observing that this expectation has been priced in.
Technically, if the $37,420 level is surpassed, purchases could accelerate, while in declines, it is beneficial to closely monitor our important level at $36,200.
Solana is showing its best weekly performance since January 2023
Last year, SOL experienced a sharp decline along with the collapse of FTX. Now, recoveries are being observed in Solana. The recovery of Solana is also tied to developments related to FTX. The expectation that more than 1 billion dollars of Solana seized in FTX would be sold by court order was putting pressure on the SOL price. This is because FTX’s founder Sam Bankman Fried had invested more than 1 billion dollars in Solana.
The related bankruptcy court decided that only 100 million dollars worth of SOL could be sold weekly. There won’t be a sudden supply of SOL as feared. This caused positive movements in the price of Solana.
We see that profit-taking started from the level of 64.
It could retreat to the level of 56.24 and receive support from this level, with potential new profit realizations coming from the level of 59.
Continuing its journey with the buying potential created by the moving averages on October 21, we observe that Filecoin has pushed its limits by breaking through the resistance at 4.68. It could reach the levels of 7 in the medium term, but it would also be prudent to expect a correction. At this point, the true starting point of the rises, the level of 3.10, will maintain its place as the medium-term support.
You can continue to learn what awaits the current market by following our research articles published every week.
“The investment information, opinions, and recommendations contained in this research report are not within the scope of investment advisory.”