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Bitcoin Price Surpasses $92,000, U.S. Inflation Rises to 2.6 💴 💶

Bitcoin surged to an all-time high of $92,000 following the October U.S. Consumer Price Index (CPI) report, which showed a year-over-year increase to 2.6%. Bitcoin’s rally despite rising inflation could be linked to the growing positive sentiment in the cryptocurrency market after the U.S. elections. The market anticipates significant regulatory changes in the U.S. financial system. Today’s CPI data came in lower than expected, as previous reports suggested inflation might be higher. The Department of Labor reported that monthly CPI inflation held steady at 0.2%, the same as in September. However, the annual 2.6% increase marks the first rise in eight months.

U.S. Dollar Expected to Strengthen

In financial markets, there’s often a tendency to overthink. After the U.S. election, the dollar briefly dipped on Thursday, with some thinking Trump could be negative for the dollar. However, our expectation is that the new administration’s policies will support a stronger dollar without overanalyzing. Alongside looser fiscal policies and tighter immigration policies, the U.S.’s relatively high interest rates and protectionist policies reinforce this expectation. Yes, the U.S. economy might overheat, but 2025 looks like a year where the dollar bubble will keep expanding. Although market positions and speculation about Trump’s trade policies might want a weaker USD, any disruptions in the USD’s upward trend are expected to be temporary. The general trend will favor the USD, and we may see the trade-weighted dollar index breaking to the upper end of a two-year range.

GLOBAL MARKETS

Following yesterday’s inflation data in the U.S. that matched expectations, the anticipation of an interest rate cut by the Federal Reserve (Fed) next month has strengthened. However, with Trump as the new president, the direction of monetary policy for 2025 and beyond remains uncertain. (FEDWATCH) Trump’s plans to lower taxes and increase tariffs are expected to boost inflation, potentially limiting the Fed’s ability to cut rates. According to Edison Research, Trump will take office in January with Republicans controlling both the Senate and the House of Representatives, thus holding the majority in Congress.

Technical Overview

DXY

The Dollar Index (DXY) is strongly recovering at the start of the week, continuing its upward trend. Finding strength at the critical support level of 100.68, the DXY is expected to maintain its upward momentum as long as it stays above this support. Especially as it trades above the 106.68 level, upward movements are anticipated to accelerate. Buyers are observed to be dominant in this area, and the index is likely to advance toward resistance levels.

Resistances: 104.76 / 106.00 / 107.35
Supports: 104.02 / 102.26 / 100.68

BTC/USD

Bitcoin has reached the resistance of the descending channel structure and successfully broke through with significant volume. This resistance zone is crucial for BTC and could open the doors to a new bullish trend in the cryptocurrency markets. If Bitcoin manages to sustain its price above this strategic level, we may see bullish momentum for Bitcoin and other altcoins, triggering a rally that gains traction in the market. Therefore, the current levels represent a critical turning point that should be closely monitored.

Resistances: 68,350 / 71,927 / 75,000
Supports: 66,148 / 64,290 / 60,000

ETH/USD

ETHUSD continues to trade within the descending channel pattern, remaining under pressure. After losing its horizontal major support, ETHUSD is now priced around the 2400 level. If selling deepens, the critical support level to watch is 2100, where buyers are expected to strengthen. On the other hand, for the upward trend in ETH to continue, it needs to close decisively above the major resistance at 2922 with strong volume. If this resistance is breached, a new uptrend could begin.

Resistances: 2565 / 3000 / 3364
Supports: 2200 / 1700 / 1052

NASDAQ

The index, continuing its upward trend, is pricing above the 20,635 resistance level, maintaining its bullish momentum. In the event of potential pullbacks, two critical support levels stand out. Firstly, the 19,600 level serves as an important support zone in the short term. In case of a deeper pullback, the 18,400 level should be monitored as a strong buying area. Buyers are expected to step in at these levels.

Resistances: 20,635 / 22,400 / 23,000
Supports: 18,913 / 18,670 / 17,200

BRENT

Brent crude has shown medium-term recovery and regained its previous channel structure, continuing its upward trend. It has surpassed the 76.98 resistance zone, and as long as it holds above this level, it is expected to rise towards the 80.00 – 82.00 range. In the event of a pullback, the critical support level to monitor is the 72.37 zone, where buyers are expected to become active. Maintaining this support is crucial for the continuation of the trend.

Resistances: 74.45 / 76.98 / 79.84
Supports: 72.37 / 71.00 / 70.50

EURUSD

EUR/USD successfully broke through its ascending channel resistance and has been trading above both horizontal and channel resistance. It held above the 1.0983 resistance zone and reached our target of 1.114. However, facing selling pressure around 1.11, it lost this zone, creating a “deviation” and leading to a pullback. Now, the critical support level to watch for EUR/USD is 1.0983. Maintaining this level is crucial for stabilizing the price.

Resistances: 1.114 / 1.130 / 1.135
Supports: 1.098 / 1.088 / 1.080

XAUUSD

Gold surpassed the 2,742 resistance zone, reaching a new all-time high and heading strongly towards the 2,800 level. In this uptrend, the 2,745 level stands out as a key support; as long as gold stays above this level, it could maintain its upward momentum. As it moves towards the 2,800 target, investors should closely watch whether gold continues to trade above this support zone.

Resistances: 2800 / 2850 / 2910
Supports: 2740 / 2690 / 2625

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