BTC is again near the $60,000 mark and briefly dipped below it. High-level sales are not a good sign. Before BTC fell below $60,000, QCP Capital experts shared their latest market assessment. At the time of writing, Bitcoin (BTC) is hovering around $60,166.
Expert Commentary on Cryptocurrencies
Powell made important statements yesterday, signaling that they could act early on easing if they see a weakening on the employment front. Powell has said similar things throughout the year, but while he was making that statement, JOLTS showed us that open job positions were above expectations and even the previous month.
So, what does the latest market assessment from QCP Capital experts tell us? Today’s details are as follows:
“After Powell announced that the US economy is on a disinflationary path, the US stock market reached new highs.
However, this upward momentum did not reflect on BTC and ETH, with prices hovering just above 60,000 and 3,300, respectively. Despite the sales, the options market is still heavily skewed in favor of the upside, indicating that the market still expects a year-end rally. This is consistent with our office observing significant buying interest in long-term options at the 100/120k levels.
Looking ahead, we expect a stagnant Q3 for BTC as the market remains uncertain about the supply from MTGOX’s billions of dollars in BTC returns. We think things will get back on track following the upcoming MtGox sales.”
Bitcoin (BTC)
BTC fell to $58,400 during the June 24 drop. Now it has dropped to $59,600. Lingering around $60,280 for a long time is not good and is causing more sales as altcoin investors reduce their risks.
Since mid-February, BTC has not lingered at low levels for this long. Now, for 10 days, Bitcoin’s price has been fluctuating around $60,000. If there is going to be a rebound, we need to start seeing closures above $64,200 very soon. On the other hand, in a downward break, new lows seem likely in the $56,600 and $50,800 range.
