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COINTURK NEWS > Cryptocurrency News > QCP Analysts Monitor Bitcoin Price Movements
Cryptocurrency News

QCP Analysts Monitor Bitcoin Price Movements

In Brief

  • Bitcoin price is around $54,000, dropping to $52,550.

  • QCP analysts monitor macroeconomic developments closely.

  • Analyst Daan Crypto Trades highlights BTC's fluctuating channel.

COINTURK NEWS
COINTURK NEWS 10 months ago
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Bitcoin (BTC) $100,873 price is around $54,000, and the leading cryptocurrency has dropped to $52,550. The ongoing decline is set to take a new turn with September’s pessimism. Historically, September has not been a good period for BTC and stocks, and it remains the same now. How do QCP analysts view the current situation?

Contents
QCP Analysts’ CommentaryBitcoin Chart Analysis

QCP Analysts’ Commentary

At the time of writing, QCP analysts, who closely monitor macroeconomic developments, have published their market assessment. This makes their perspective valuable. Since the decline was triggered by losses in stocks, their comments are even more significant.

“- The US non-farm payroll report for August was lower than expected at 142,000 (estimated 165,000), with an unemployment rate of 4.2% (same as the estimate and lower than the previous month’s 4.3%).

– The market’s initial reaction was positive, sending risky assets into a rally. However, the upward trend sharply reversed as the market began pricing in a 50 basis point cut in September. After the NFP, the market priced in a 55% probability of a 50 basis point cut. As of this morning, the market is pricing in a 70% probability of a 25 basis point cut and a 30% probability of a 50 basis point cut.

– Nvidia (NVDA) continued its sales, putting pressure on broader US stock indices and crypto prices. BTC fell to $52,500 and is currently finding support at $54,000, while ETH dropped to $2,150.

– BTC spot ETFs also extended their 8-day losing streak.”

QCP analysts are not very hopeful for September, so they do not seem very surprised by this situation. We need to see some positive developments that could lead to a recovery in stocks or a positive divergence in crypto.

Bitcoin Chart Analysis

The analyst known as Daan Crypto Trades highlights the channel where the BTC price is constantly fluctuating. The price, which has tested the bottom three times, is moving towards deeper lows within the channel. This is concerning for altcoin investors. In his assessment shared about an hour ago, the analyst said, “we will watch and see.”

“Bitcoin (BTC) has fallen back to a place near the lower part of the channel. This level has been tested 8 times against the peak, which has been tested 4 times. It would not be wrong to say that this channel is not good. Therefore, we definitely recommend you keep watching.”

By “keep watching,” he means staying on the sidelines, as he mentioned yesterday that he would continue to monitor the situation. However, if BTC suddenly goes to $80,000, Daan will not cover anyone’s losses, so you should develop your own strategies.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 7 September, 2024 - 1:21 pm 7 September, 2024 - 1:21 pm
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