The Crypto Comms #28

  1. FOMC meeting
  2. Confluent charts
  3. Latest happenings
  4. Listening material

Bitcoin analysis

Bitcoin’s end-of-month closing price for October was $20,500 — a marginally bullish move 2.1% over the previous monthly close.

BTC/USD daily chart levels of interest

FOMC meeting

Notably, the FOMC meeting tomorrow (7:00pm CET) is an event traders will pay attention to. There are two scenarios worth mentioning.

  1. A 50bps hike, on the other hand, would tangibly increase liquidity in crypto. This would be a surprise outcome which cements a ‘Fed pivot’ in financial markets (which the Fed have already indicated is coming by December).

Confluent charts

The Dollar index (DXY) is showing weakness and a willingness to cool-off to 108. If prices continue to fall lower, it’s safe to say the crypto bear market is officially over.

Closing thoughts

Overall, I’m cautiously optimistic heading into November, especially with US elections around the corner (markets tend to rally). Elon Musk’s acquisition of Twitter is also interesting as rumblings about a native crypto wallet could be the catalyst which sparks a crypto rally.

Latest happenings

Listening material

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Chris on Crypto

Chris on Crypto

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Journalist-turned crypto-writer & analyst; forging the narrative, stacking sats.