Short-term fluctuations continue and BTC has returned to above $60,000 after the recent dip. However, the sell-off has not stopped. Investors have not been able to escape the sell-off frenzy that has continued since the March peak. Volumes are still weak and risk appetite in altcoins has been significantly undermined. So QCP analysts what is he thinking?
QCP Analysts Crypto Commentary
BTC At the time of writing, it is at $60,270 and has closed below yesterday’s market close. NVIDIA The data came. The report, which included important positive details, was above expectations and was expected to contribute positively to risk markets. Did it happen as expected? BTC experienced a weak increase and did not rise as much as expected. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
QCP analysts wrote in their latest market assessment:
“Nvidia’s impressive earnings report last night triggered a classic “sell the news” reaction in crypto markets today. As a result, Bitcoin has fallen to $59,000 and Ethereum is trading stagnantly around $2,500.
Front-end volumes rose overnight as spot fell but Nvidia sold off after the earnings report, down about 10 vol from the peak. Risk reversals into October are still skewed toward Sell on both BTC and ETH, suggesting the market remains cautious on the downside.
Ahead of next week’s nonfarm payrolls report, we expect market volatility to continue its downtrend as the market positions for potential Fed rate cuts. Tonight’s US GDP report is likely to be a non-event for crypto, especially if it reinforces the ongoing narrative of a slowing US economy.
“Will we see further declines as we enter Q4? In the absence of any near-term catalysts, we expect prices to continue to fluctuate within range as we enter September.”
Bitcoin and Ethereum Predictions
Bitcoin It reminds us that the risk of falling to $ 55,000 continues by continuing to close below $ 61,700. On the other hand, ETH is below $ 2,600. Although cryptocurrency investors are hopeful for the last quarter, the weakness in risk appetite, the price stuck in a narrow range and the failure of the last attempts indicate that boring movements may continue for a while.
In legal terms, the SEC’s largest NFT The fight it launched yesterday against one of its platforms suggests the regulator will continue to strangle crypto as we head into the November elections.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
