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Bitcoin price today surpassed $71,000 again, climbing up to $71,083. Now it is trying to maintain the $70,000 threshold. For the ATH level to be tested and surpassed again, this region needs to solidify as support. So, what are QCP analysts’ current market predictions? What awaits investors at this stage? Here are the details.
Current Status of Cryptocurrencies
Bitcoin price’s rapid rise was triggered by JOLTS data. Although the price climbed to $71,083, it has now dropped below $70,370, and this reversal on the 15-minute chart after the second peak attempt brings the potential for a new test at $69,300. ETH is below $3,800, and altcoins are generally in the green.
Despite the price increase, the volume of the last 24 hours decreased to $81.5 billion. BTCD rose to 53.3%, while the top gaining altcoins in the last 24 hours were UNI, ORDI, and JASMY. All three increased by over 10%. JASMY Coin rose by 55% weekly.
QCP Analysts’ Comments
QCP analysts’ market comments can be useful for investors as they comprehensively read macroeconomic developments. These comments, which offer the opportunity to observe the current situation from different perspectives, do not always yield accurate results. In their latest market assessment, the experts wrote:
“- Blackrock’s BTC spot ETF has become the fastest ETF exceeding $20 billion, while excitement is growing with Thailand SEC’s approval of the first BTC spot ETF and Australia’s first BTC spot ETF starting to trade today.
– The unprecedented entry permit for traditional capital worldwide will undoubtedly support BTC price. BTC reached the $71,000 level in the New York session.
– We expect this upward momentum to increase further with this Friday’s NFP (Non-Farm Payroll) data. Markets are pricing a 0% chance of a rate cut in June and July, but a weaker NFP number could change this. Could this be the catalyst to break all-time highs?
We expect ETH to catch up here, especially with the ETH spot ETF about to come to life.”
