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Bitcoin And Gold: Here Is What You Need To Know

Byharjotsinghjaspal

Oct 11, 2022
Cryptos Again in Trouble? Bitcoin Breaks Rising Channel!
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prices are stable and continue to trade between $19,000 and $20,000. This is despite the tremendous strength in the after the release of US (NFP) as well as a lot of bullish comments from a number of Fed members who think that is stubbornly high. What they are trying to say is that the Fed needs to do more in order to bring inflation lower.

This week US CPI figures are released. Expectations are for a move lower to perhaps 8.1% year-on-year. However, this will not be enough for markets and is a threat to Bitcoin.

Fed members may think that a number of meetings will be required to increase interest rates by 75 basis points before they can actually ease off on the gas. This could drive the dollar higher, which may push Bitcoin lower.

Gold

is struggling again. As we mentioned last week, the price level of $1,700 was an important one to hold on to, but bulls have been outpaced by bears. Gold prices are moving lower, and the path of the least resistance is skewed to the downside.

Gold traders are laser-focused on the FOMC release after the strong NFP data, and they are also going to keep a close eye on the US CPI.  

A number of Fed members will be speaking today, and their comments are likely to give us some clues in relation to what we may hear in the minutes. A bullish outlook could push the dollar index higher, and we may see prices moving lower.



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