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Bitcoin is still lingering at low levels, and continued closures below $60,000 are concerning. Today, we addressed potential negative scenarios that price weakness on the technical front could open up. So, what is the latest market assessment from institutional analysts? What are crypto investors expecting? Here are the details.
QCP Analysts’ Latest Comments
Amid ongoing sales in Germany and MTGOX activity, investors’ risk appetite has significantly decreased. The RSI easing into the oversold region and sentiment dropping to fear levels have triggered new lows in altcoins. So, what are the latest predictions from QCP analysts? In a recently published market assessment, experts wrote:
“Stocks and Gold have been rising since the beginning of last week, but crypto prices are moving in the opposite direction. What is happening? Early last week, especially around 3-4 PM New York time, we saw intense spot sales. Perhaps this is the large supply mentioned in the headlines (German government and Mt Gox distributions) actually entering the market.
However, the price drop coincided with the July 4th US holiday, and prices only found support the next day when the US resumed buying (over $143 million net inflow into BTC spot ETFs on Friday). Towards the weekend, BTC traded in an unusually wide range of $53,500-$58,500, while prices continued to fall sharply in very weak liquidity.
Are the recent events a new norm where crypto prices fluctuate in wider ranges due to weak liquidity outside US working hours? Or is this just a summer story where the market misses strong narratives, gets scared by headlines, and is pushed around by large flows? We will see.”
Bitcoin (BTC)
$54,700 was the point where the rise accelerated at the end of February 2024 after a short break, and the price has moved away from here for now. However, continued closures below $58,376 indicate BTC’s potential to make deeper lows. After lingering at $60,200, BTC is now trying to stay afloat at a deeper low.
If the ongoing negativity intensifies, we could see new spikes in the $50,700 and $48,000 range. This would also result in new yearly lows for altcoins.
