Critical Today for Gold, SHIB and BTC: Here are the Expected Levels!

Investors stay alert for updates on inflation. In parallel with the movements of investors, gold, Bitcoin and altcoins are also moving. So, how will today’s inflation numbers affect the markets? Here are the details…

Valuable information disclosed for gold and cryptocurrencies

The ounce price of gold fell below $1,700, with the US non-farm payrolls data last week. In the new week, it sees the process from relatively lower levels. On Tuesday, the Bank of England announced that it would end its bond-buying program on Friday. This reduced the risk appetite in the market. The dollar rose as a safe haven. The value of gold, on the other hand, remained flat. Currently, the focus of the markets is inflation data.

The US September inflation data, which is named as the most valuable data of this week, will be announced today at 15.30 Turkish time. Inflation in the US is expected to decline to 8.1 percent in September. This level was 8.3 percent for August. It is expected that the data to come above the markets will strengthen the dollar. It can be said that gold, which is in an opposite correlation with the dollar, will decrease if the dollar rises. The situation is not very favorable for BTC, SHIB, ETH and altcoins as this seems possible to put risk assets behind. But time will tell exactly how the market will react.

On the other hand, the scenario where the inflation data is below the claims of economists draws attention. In such a case, it is expected that the Fed will be more restrained in terms of interest rate hikes. It is thought that this may also support the precious metal. Currently, gram gold is changing hands at the level of 1.001 lira. An ounce of gold is trading at $1,675.

What is the latest situation in Bitcoin price?

Bitcoin price struggled to hold above the $19,000 level. It lost 6.2 percent last week. Last month, the BTC price was fluctuating between $19,000 and $21,000. Traders remained cautious ahead of the announcement by the Federal Open Market Committee (FOMC), the monetary policy-making body of the US Federal Reserve. Data in the US mostly signals the outlook for risky assets.

Although analysts at crypto research firm Jarvis Labs looked at price trends separated by Bitcoin accumulation, BTC whale holdings, divergence charts and time zones, they were unable to detect any valuable trends. Analysts have valued the Bitcoin supply shock rate, a measure of coins that are not moving on the network. Crypto analyst Will Clemente shared the chart below:

Analysts tend to classify Bitcoin as an “illiquid asset” based on the current supply shock rate level. The behavior of major wallet investors shows reservations when trading in Bitcoin. The higher the information, the stronger the Bitcoin price rally. When the measure moves sideways for a while, there will be a big rally in BTC. The exception to this phenomenon is the March 2020 crash in Bitcoin. Time will tell how the market will react to these stylistic metrics, apart from macroeconomic developments.

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