US Economic Calendar: Producer Prices and Consumer Sentiment

On Friday, October 11, US producer prices and the Michigan Consumer Sentiment Index will influence market risk sentiment.

US producer prices and the Michigan Consumer Sentiment Index will be closely watched on Friday, October 11, as they could impact market risk sentiment.

Economists polled by Investing.com expect producer prices to rise 0.3% in September from a month earlier, slowing from a 0.4% gain in August.

For the year, producer prices are seen surging 8.3% after a 8.7% increase in the prior month.

The Federal Reserve prefers to track a different measure of inflation, the personal consumption expenditures price index, which rose 0.3% in August from a month earlier and 6.2% year-over-year.

Economists also expect the University of Michigan's preliminary reading on consumer sentiment to improve in October.

The index is seen rising to 86.0 from 84.3 in September.

Higher producer prices and improving consumer sentiment could reduce the bets on multiple Q4 2024 Fed rate cuts, which may impact the demand for BTC.

Besides the US economic calendar, investors will also continue to keep an eye on US government-related news.

There were reports that the government is planning to sell 69k BTC, confiscated from the Silk Road, which could raise concerns about oversupply and dampen BTC demand.

Also, recent觀察家لاحظ outflows from the US BTC-spot ETF could leave BTC more sensitive to supply risks.

Outlook

Investors are advised to remain vigilant, as oversupply risk, the US economic calendar, and updates from the Middle East will likely influence BTC price trends.

An escalation in the Middle East conflict could trigger a flight to safety, which may dampen demand for BTC.

Moreover, investors should continue to monitor ETF flow trends, as they could impact near-term supply-demand trends. Stay tuned for our up-to-date news and analysis to help navigate your BTC and crypto exposures.

Technical Analysis

Bitcoin Analysis

BTC continues to trade below the 50-day EMA but above the 200-day EMA, keeping the bearish near-term and bullish longer-term price signals intact.

A break above the $60,365 resistance level would open the door for a move to the 50-day EMA.

Furthermore, a breakout from the 50-day EMA could put the $64,000 resistance level in play.

Investors should consider US government-related transfer news, the Middle East, the US economic data, and BTC supply-demand trends.

On the downside, a drop below the 200-day EMA could give the bears a run at $57,500.

With a 42.68 14-day RSI reading, BTC has room to fall to the $57,500 level before entering oversold territory.

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