🟠 Bitcoin Heading Toward $95K — Is a Correction Coming Next?

🟠 Options market data suggests that financial institutions are positioning for Bitcoin to reach $95,000 by the end of October. However, they’re also factoring in the possibility of a price correction in November and December.

For now, institutions remain bullish on Bitcoin in the short term, but they don’t expect the rally to continue without a pullback. As Bitcoin approaches $95K, profit-taking and selling pressure could pick up, potentially setting the stage for a correction in the following months.

@rankingview

🌐 Asia-Pacific Market Overview

➖ Gold Gains Support from a Weaker Dollar: During the Asian session, stronger demand for U.S. Treasuries pushed 10-year yields lower, weakening the dollar and lifting gold prices.

➖ Australian Dollar Comes Under Pressure: Fresh data showed a drop in job openings in Australia, while the unemployment rate climbed to 4.7%, adding more selling pressure on the Australian dollar.

➖ Asian Tech Stocks Take Another Hit: Tech shares in Japan and South Korea saw sharp declines. Concerns over potential U.S. interest rate hikes and the high cost of financing AI projects were among the main drivers of the sell-off.

➖ The Fed Is Still in No Rush to Raise Rates: Some Fed officials, including Mary Daly, have raised the possibility of another rate hike. However, there are currently no signs of an immediate move at the October meeting.

➖ Latest Updates from Big Tech: Reports suggest a possible merger between Tesla and SpaceX. Meanwhile, AI company Anthropic has reported significant revenue growth in the third quarter.

@rankingview

💶 Key EUR/USD Levels | H1 Time Frame

Our overall bias on EUR/USD is currently bullish. We're waiting for price to pull back into the buy zones, or break above resistance and retest it, giving us a good opportunity to enter a buy trade.

@rankingview

📊 U.S. Inflation Puts the Crypto Market Under Pressure Again

🔹 After yesterday’s U.S. inflation data came in hotter than expected, markets are now pricing in a higher chance of another Fed rate hike at the October 28 meeting.

🔹 Higher interest rates make low-risk dollar investments more attractive, which could reduce demand for riskier assets like Bitcoin and altcoins.

A rate hike isn't guaranteed yet, but this shift in market expectations alone could increase selling pressure and make it harder for the crypto market to stage a strong rally.

@rankingview

📊 U.S. Inflation Rises Again | Labor Market Remains Resilient

🔴 Producer Price Inflation (PPI) caught the market off guard. Annual PPI jumped to 6.3%, well above the 5.3% forecast. Annual Core PPI also climbed to 5%, coming in hotter than expected.

🔴 Meanwhile, initial jobless claims came in at 199,000, slightly better than the 200,000 forecast. Continuing jobless claims also dropped to 1.710 million.

Analysis: With inflation pressures still running high and the labor market holding up, the Fed has more room to keep monetary policy tight. For now, this could support the U.S. dollar while adding more selling pressure on gold and riskier assets.

@rankingview

Alright, guys! Let’s take a look at the gold chart! 📊

🥇 Gold Technical Analysis | M30 Time Frame

🟠 Gold has recovered all of yesterday’s losses and broken above the descending trendline. I expect pullbacks toward the broken trendline and the FVG to attract buyers and potentially push gold higher toward the upcoming resistance levels.

@rankingview

💶 EUR/USD Technical Analysis | H1

🔸 After a strong bullish move, EUR/USD broke above the descending trendline and formed a CHoCH (Change of Character), showing that buyers are gaining strength. Price is currently holding above the 1.12400 support level, keeping the short-term market structure bullish.

📊 Next Scenario:

We expect price to first pull back toward 1.12400. If buyers step back in around this level, EUR/USD could continue its bullish move toward the 1.12750 supply zone.

Short-Term Bias: Bullish

@rankingview

🥇 XAU/USD Technical Analysis – H1

🟠 After forming a CHoCH and breaking above the descending trendline, gold has shifted into a bullish short-term structure. However, the recent rejection from $4,190 suggests that price may need a pullback before continuing higher.

📊 Next Scenario:

We expect price to pull back toward the $4,155 demand zone. If this area holds, the next bullish move could target $4,200 and then $4,215.

@rankingview

🟠 Bitcoin Technical Analysis | BTCUSDT – H1

🟠 After sweeping liquidity below the previous lows (Liquidity Sweep), Bitcoin made a strong bullish comeback and is now attempting to break above the short-term descending trendline. This move suggests that buying momentum is picking up.

📈 Main Scenario:

We expect price to first pull back toward the $81,500 demand zone. After a liquidity sweep, Bitcoin could resume its bullish move toward $82,900, followed by the $83,700 supply zone.

@rankingview

💱 Bitcoin Under the Spotlight | Asia Buying, Europe Selling

💬 Europe: Selling pressure from European investors has picked up this week, increasing the supply of Bitcoin in the market.

💬 Asia: Unlike Europe, Asian investors have been leaning more toward buying, providing some support for Bitcoin’s price.

💬 U.S.: According to regional market data, American investors haven’t shown much activity and haven’t played a major role in determining the market’s direction so far.

📊 Analysis:

The key question is whether Asian buyers can absorb the selling pressure coming from Europe. If buying demand isn’t strong enough and key support levels break, a rise in liquidations could put even more downward pressure on Bitcoin.

@rankingview

🥇 Gold Technical Analysis | Weekly Time Frame

🟧 After breaking above the descending trendline, gold failed to maintain its bullish momentum and has moved back toward the $4,040 demand zone. This area is a key support level on the weekly chart and could play an important role in determining gold’s next move.

📊 Main Scenario:

We expect gold to complete a short-term correction and attract buyers around the $4,040 demand zone, before starting a new bullish move toward the $4,600 supply zone.

@rankingview

🌐 Asia-Pacific Market Recap

🔸 China’s Economy Beats Expectations: China’s economy grew by 4.5% in Q3, coming in stronger than expected. However, the property sector and investment activity are still facing challenges.

🔸 Euro Recovers Some Losses: The euro came under pressure at the start of trading amid unrest in France and political tensions, but later managed to recover part of its losses.

🔸 Oil Prices Slip as Russian Energy Sanctions Ease: Oil prices fell after the U.S. eased sanctions on certain Russian energy sectors. However, ongoing tensions in the Middle East are still helping limit further losses.

🔸 Central Banks Stay Focused on Inflation: Officials from the Reserve Bank of Australia and the Bank of Japan stressed the importance of appropriate monetary policy and keeping inflation under control. Their comments could influence the future direction of the Australian dollar and Japanese yen.

🔸 Putin Proposes a Three-Way Summit: Vladimir Putin has proposed a meeting with Donald Trump and Xi Jinping to discuss the war in Ukraine. However, U.S. officials say no agreement has been reached to hold the meeting yet.

@rankingview

💶 EUR/USD Technical Analysis | M30

➖ After reacting to the 1.12300 supply zone, EUR/USD came under selling pressure and is still trading below the descending trendline. The recent rebound hasn’t been strong enough to shift the short-term bearish structure.

📊 Main Scenario:

We expect selling pressure to continue, pushing price toward the 1.11880 support level. This is a key zone where buyers could step in, and it remains the main downside target for the current move.

@rankingview

💰 U.S. Dollar Index Technical Analysis | DXY – H1

The Dollar Index has entered a corrective phase after a downtrend and is now approaching the key 101.700 demand zone. This area aligns with the 0.618–0.786 Fibonacci retracement levels, making it an important zone for a potential bullish reaction.

📊 Main Scenario:

We expect the Dollar Index to complete its pullback into the 101.700 zone and sweep liquidity before rising demand triggers a fresh bullish move. The initial target is 102.080, followed by the 102.169 supply zone.

@rankingview

🌐 Asia Market Overview

➖ China kept its 1-year Loan Prime Rate (LPR) at 3.0% and its 5-year LPR at 3.5% unchanged for the 17th consecutive month.

➖ The People’s Bank of China announced that it will launch daily overnight reverse repo operations starting October 21. This move could be linked to potential changes in the country’s monetary policy.

➖ China’s daily yuan fixing strengthened to its highest level since February 2023, potentially signaling that policymakers are supporting the value of the national currency.

➖ Asian stock markets, including the Hang Seng and Nikkei, declined. Investors are still assessing China’s monetary policy and movements in global bond yields.

➖ Meanwhile, analysis from major banks suggests that rising bond yields remain a key challenge for financial markets, while continued central bank gold purchases remain a supportive factor for gold in the long term.

@rankingview