Bitcoin and XRP are expected to remain in a consolidation phase on Thursday as investors assess Federal Reserve (Fed) monetary policy developments and various US economic data.
The market's primary focus is the FOMC meeting minutes, set for release on Wednesday, October 7, at 2:00 PM US time (approximately 2:00 AM Thursday, Malaysia time).
Additionally, US Initial Jobless Claims data will be released at 8:30 PM Malaysia time, with expectations of around 200,000 claims compared to the previous 197,000.
Bitcoin Tests $84,000 Support
Bitcoin is currently hovering around $84,000 after closing lower on the daily chart.
Price action indicates that BTC has so far failed to sustain momentum above the $85,000–$86,000 range.
From a technical perspective, $84,000 serves as a crucial immediate support level. If this level holds, BTC could potentially attempt to rally back to the $85,500–$86,500 range before testing the $87,000 area.
Conversely, a break below $84,000 could pave the way for a deeper correction.
The next support level on the chart lies around $80,300, near the upward trend line.
US jobless claims data is in the spotlight because a higher-than-expected reading could signal labor market weakness and potentially boost hopes for looser Fed policy.
On the other hand, stronger employment data could dampen expectations for policy easing and put pressure on risk assets like Bitcoin. Trading Economics
XRP Faces Pressure Below US$1.50
XRPUSD chart by Saracen Markets
XRP is trading around US$1.40 following a decline during the current session.
The price currently sits slightly below the psychological US$1.50 level, indicating that buyers lack the strength to seize momentum.
On the daily chart, the US$1.50 to US$1.52 range acts as immediate resistance.
If XRP successfully breaks through this zone, the price could potentially move toward the US$1.56–US$1.58 range.
However, a failure to hold the US$1.50 level could see the price testing support around US$1.43, based on the chart's upward trend line.
A break below that support level could increase the risk of a decline to lower levels.
For XRP, Bitcoin's movements and market reactions to US data are also crucial, as shifts in sentiment toward risk assets typically impact altcoins.
US Economic Data Acts as a Catalyst
In addition to jobless claims, US Wholesale Inventories data is scheduled for release on Thursday, though its impact is expected to be less significant than the employment data.
The market will also monitor speeches by Fed officials and US bond auctions, which could influence Treasury yields and risk-asset sentiment.
Meanwhile, the market is already looking ahead to the US CPI release on October 14, which could serve as a major catalyst for expectations regarding Fed interest rates.
