Another trading week is coming to an end. Once again, there were no important economic dates.
🔴 The capitalization of digital assets fell by 1.68%. As described in the last review, the key level of the week was $69,000. The current local correction in BTC is still “healthy”. The coin is resting after last week’s 10% growth. A bullish flag is currently forming, which may signal continued growth soon. But the correlation with the US stock market can ruin everything — keep this in mind. The key zone for the coin is $69,000 – $69,500. Its breakout could trigger a move to ATH.
Altcoins fell significantly more, by -8.55%. The altcoin season index is at 33 points out of 100. The altcoin price must be above $85,000 to start the altcoin season.
🔴 The US stock market showed mixed results. The S&P 500 fell by 0.27%, and the next week is also at risk of correction. The Nasdaq closes with an increase of more than 1%. Tesla shares rose 19% after a good report, which helped the NAS100 hold stronger.
US economic data point to the resilience of the US economy. But the Fed’s Beige Book showed a weakening of economic activity in the US. 9 out of 12 regional banks reported stagnation or slight weakening of the economy since the beginning of September, including a slowdown in production and consumer demand. This data supports expectations that the Fed may cut rates by 0.25% in November and December.
