Bitcoin (BTC) 
$69,621 has not started the week strongly, and this is reflected in altcoin performance. High volatility could create new opportunities within altcoins. Turning this decline into an opportunity requires analyzing current key levels and expert perspectives on the ongoing fluctuations. Let’s examine the current key levels for SOL, CHZ, and CEEK Coin, as well as insights from QCP analysts.
Solana (SOL)
The $120 level served as a good entry point for short-term investors, with selling opportunities presenting themselves at $138. However, the losses in BTC prices are pushing SOL Coin back to its starting point. As of the article’s drafting, it hovers around $130, and further losses may test the support at $111.
CHZ Coin
CHZ Coin continues to struggle at the low levels, unable to surpass the $0.054 barrier. Given the ongoing general market weakness, it may soon test the $0.048 level. A new attempt for BTC at $53,000 would lead to local support for altcoins, with the safe zone for CHZ Coin investors identified at the parallel channel support of $0.059.
CEEK Coin
For months, reasons have been discussed for CEEK Coin to test new all-time-low levels, and this is now occurring. Interest in the metaverse has declined, and major companies are no longer prioritizing it. Additionally, the CEEK Coin community has opposed using stablecoins instead of local coins for metaverse land sales.
As a result, CEEK Coin may see new all-time low prices at $0.0283 and below $0.0253 (for OKX).
Insights from QCP Analysts
What is the overall situation in the cryptocurrency markets? QCP analysts noted that not reaching $61,000 before the market opening might have a downward effect. Over $70 million has been liquidated before the Asian opening. After extreme liquidations in futures, investors are acting much more cautiously, leading to a decline in numbers.
For instance, there is a potential liquidation of $1 billion at $60,000, which is 10% below the target price. When BTC reaches this level, a liquidation of $50 million occurs. This cautious behavior means investors are now more focused on stop levels and position management, leading to a reconsideration of the $70 million figure.
QCP Capital analysts confirm a lively week due to the Token2049 event and FOMC, stating; “As we approach the first Fed rate cut of this cycle, market tension increases, amplifying the impact of unexpected macro data. The likelihood of a 50 basis point cut rose from 30% to 59% last Monday. This has also reflected in increased volatility, with implied volatility for BTC rising by 8 and for ETH by 20 on Friday.”
Despite this, analysts remain hopeful for the last quarter.
