Important events are expected this week, such as the September inflation reading in the US, which could influence the future direction of the Fed.
In the rest of the market, there are widespread falls among the main ‘altcoins’, although Toncoin (TON) is the token that fell the least in the session.
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The market of cryptocurrencies It is in a phase of resistance, maintaining a certain stability despite macroeconomic challenges. In this context, the price of Bitcoin (BTC) presents a slight decline, standing at around 27,500 DollarsMeanwhile he Ethereum (ETH) continues that trend, remaining slightly above the $1,600.
Digital assets demonstrate resilience to macroeconomic factors that create additional pressure in the cryptocurrency space. The US September jobs report, released last Friday, caused BTC to drop 2%. Nevertheless, The cryptocurrency quickly recovered and briefly surpassed $28,000.
This report was not well received by investors, since they interpret that the strength of the US labor market could lead to a tougher stance on the part of the Federal Reserve (Fed). Currently, the market is in a scenario of “bad news is good news“, where any negative data removes the possibility of an increase in interest rates, except for rising inflation data.
Cryptocurrencies: the data observed by the market
This week, important events are expected, such as the September inflation reading in the United States, that could influence the future direction of the Fed. The producer price index of the US economy and the minutes of the last Federal Reserve meeting will also be published, providing more information on the central bank’s next steps.
The cryptocurrency markets is in a period of reassessing BTC’s value proposition amid global uncertainty. Some experts believe that the reigning cryptocurrency is evolving towards the narrative of “digital gold” and consolidating its status as an independent asset class, attracting institutional inflows in search of uncorrelated assets.
From a technical perspective, there is a new weekly attempt by bitcoin to break the zone of $28,000, this being a crucial point for possible long-term bullish movements. If the cryptocurrency cannot overcome this zonesupport levels are identified at 26,000 and 24,800-25,000 dollars.
In the rest of the market, there are widespread falls among the main ‘altcoins’, although Toncoin (TON) is the token that retraced the least in the session.
Source: Ambito
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