The recent daily candlestick closing in the UTC time zone brought about remarkable outcomes for Bitcoin (BTC) 
$60,983. As of the article’s preparation, BTC found buyers above $119,000, providing essential support for several altcoins, particularly DOGE, to surpass their resistance levels.
Why Is Bitcoin Rising?
The reason is quite clear. The PCE data released on Friday confirmed that the increase in inflation was limited, debunking fears of a tariff-induced inflation surge. Additionally, the ADP data contradicted recovery signs in employment, suggesting that the consensus expectations for Friday might have been exaggerated, indicating no improvement in employment compared to the previous month. What does this mean? This suggests that the interest rate decision at the end of October is likely to result in a 25 basis point cut.
Of course, upcoming data in the following days will also impact expectations. However, witnessing the worst employment figures in 4.5 years implies that the Fed has maintained interest rates above the neutral level longer than necessary. Indeed, the theses defended by Miran, Bowman, and Waller against the overwhelming majority at the Fed seem to be validated for the time being.
Impact of Recent Economic Data
You might wonder why it took two paragraphs to explain this evident reason, but the details reveal the whole picture. Closing above $117,800 will be highly supportive for a new all-time high for BTC.
Following the PCE data, gains have reached 10%, and unless there is a rush of profit-taking during the Asian market opening, altcoins could witness significant peaks within hours.
