Bitcoin (BTC) price is at $61,290 while the daily low is $60,600. The recent weeks’ decline, which has had negative results for altcoins, has not yet ended. The GDP data received at the time of writing was not negative for crypto. So, what do market experts expect?
Crypto Expert Comments
QCP Capital recently published a market assessment discussing the current situation. The evaluation of the current market situation includes important details. Analysts wrote the following in today’s assessment:
“BTC continues to defend the $60,000 support level despite the US government transferring 3,940 BTC to Coinbase Prime after receiving liquidation approval.
Why do we think the $60,000 support will be defended?
The German Government is slowing down the rate of sending BTC to exchanges, with only 250 BTC sent yesterday. This could be an indication that we are nearing the end of the current selling regime.
BTC Spot ETF reported a net inflow of $52.4 million in the last two days after seven consecutive days of outflows.
It appears that the selling mode is starting to ease and ETF inflows have finally turned positive. We think the Mt Gox repayments might have largely been priced in. Investors might start accumulating BTC now.”
Current Crypto Status
Cryptocurrency market’s total trading volume is at $58 billion despite being mid-week. This indicates weak investor interest. While BTCD eased to 53.2, ETH’s recovery continues slowly. However, the general market’s risk appetite is clearly weak, as seen in the Fear and Greed index dropping to 45.
BTC fell by 7.3% weekly, while ETH price dropped by 4.7%. Among the top 100 cryptocurrencies, the altcoin GNO experienced the most loss, dropping by 14%. BEAM, RON, ENA, and WLD followed.
If BTC can stay above $60,400, sales for altcoins might be limited. If QCP Capital’s predictions come true, we should see some recovery with the listing of ETH ETF at the beginning of July. However, the size of the initial sales on ETHE will shape the possible short-term scenario for Ether.
