Eurozone Q3 GDP beats forecasts, yet details point to weaknesses
Eurozone Q3 GDP grew faster than expected, but the pace slowed and large economies underperform. Inflation pressures also pose a risk.
Bitcoin consolidates after a neutral Fed decision fails to trigger a rally amid US-Iran talks and upcoming economic data.
Bitcoin experienced a volatile session after the Federal Reserve's decision on Wednesday. As widely anticipated, the Fed held interest rates steady, and Chair Warsh's comments offered little new direction. While the decision was neutral and Treasury yields edged lower, it did not spark a lasting relief rally for the cryptocurrency.
Talks between the US and Iran remain at an impasse, though there has been increased activity this week. According to officials, the Trump administration is working on a temporary peace agreement with Iran, as reported by Semafor. If diplomatic efforts fail, military action could resume after the midterm elections, subject to Trump's approval.
Thursday brings a busy US economic calendar, including GDP, PCE inflation, and Jobless Claims data. These releases are unlikely to shift expectations for the Fed, given the upward revision to the central bank's growth outlook and the ability to estimate PCE from CPI and PPI data. Jobless Claims may be the key report, though a significant deterioration would be needed to move markets, as traders have become accustomed to strong figures.
A surprise breakthrough in US-Iran talks remains the main wildcard, as it could significantly alter the outlook by boosting growth expectations and easing inflation concerns. In that scenario, Bitcoin could rally to new highs.
The daily chart shows bitcoin still consolidating near recent lows, with a downward trendline defining the bearish structure. On a pullback, sellers are expected to target the trendline with a defined risk above it, aiming for a drop to the 75,000 level. Buyers, meanwhile, want to see a break higher to position for a rally toward 98,000.
On the 4-hour chart, a minor upward trendline defines recent price action. Buyers are likely to step in near the trendline with a defined risk below it, targeting a pullback to the downward trendline. Sellers will look for a break lower to position for a drop to the 75,000 level.
The 1-hour chart offers little new information. Buyers have a better risk-to-reward setup around the trendline, while sellers need a break to open the door for new lows. The average daily range for today is defined by the red lines.
Thursday's US schedule includes GDP, PCE, and Jobless Claims figures. The week concludes on Friday with the US Employment Cost Index.
Share to
Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.
Eurozone Q3 GDP grew faster than expected, but the pace slowed and large economies underperform. Inflation pressures also pose a risk.
Italy's preliminary October CPI rose 5.4% y/y, beating forecasts, with energy prices driving the surge and food and transport costs also accelerating.
German state CPI readings for September point to slower national inflation in October, with headline CPI seen at or below 3.0%, keeping pressure on the ECB.
Preliminary Destatis data show Germany's GDP rose 0.2% q/q in Q3 2026, topping the 0.1% expected gain; annual growth was 1.2%.