Yesterday the market pleased us with growth and huge volatility. However, inflation data was not positive at all. Inflation in the consumer sector is still high. And my expectations that pretty numbers would be drawn under the banking crisis did not materialize. After a few hours of euphoria, bank stocks began to be sold intensively, and along with the stock market, the cryptocurrency market also corrected.
Today at 15:30, the US PPI inflation in the manufacturing sector was released and it decreased significantly. The data is excellent, but after yesterday’s upward impulse, this inflation is less important for the Fed than yesterday’s.
What ruined the market mood:
- There were publications in the American press that, despite the crisis, the Fed will still raise the rate by 0.25%.
- The ECB announced a 0.5% rate hike.
- There are problems with the very large Swiss bank Credit Suisse.
News
Besides the inflation data described above, there will be no other important news today.
Base scenario
Today, we do not expect a breakthrough. And we expect BTC to trade in a large channel between $24,200 and $26,000.
Alternative scenario is a break down below the channel to $23,400 for BTC.
