Bitcoin (BTC) had a rough month in June, with macroeconomic challenges leading to a decrease in price. Last week, BTC sales in Germany caused markets to weaken, and the downward trend continued today. How are QCP Capital analysts interpreting the current situation and what are their market predictions?
QCP Capital Bitcoin Commentary
At the time of writing, the price of Bitcoin (BTC) was $61,300 and dropped to $60,567, resulting in a test of deeper dips in altcoins. Altcoins, which have been experiencing significant capital outflows for weeks, reached oversold levels with the latest decline.
In the analysis released by QCP Capital, it was noted that miner reserves had dropped to a 10-year low. The news of the return of MTGOX assets further accelerated the decline after significant sales. Despite expectations of a rebound, daily closes at lower levels suggest that weakness in altcoins may persist.
While the decrease in inflation on the Fed front has not had a significant impact, a positive PCE data result on Friday could provide some relief to investors. Additionally, the potential approval of S-1 Forms for the ETH ETF by the SEC by the end of the month could boost risk appetite and lead to exchange listings.
BTC has tested the $60,400 region at least five times since February 28, with the $71,800 level also being tested five times. Although there have been extreme price fluctuations between these highs and lows, a definitive breakout has yet to occur. If BTC experiences a downward breakout, new spikes between $56,840 and $52,400 may be observed.
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Disclaimer: The information provided in this article is not financial advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.