Bitcoin (BTC) $54,380.21 price At $54,000 levels, the king cryptocurrency has fallen to $52,550. The decline that has been going on for weeks is about to reach another level with the pessimism of September. September has not been a good period for BTC and stocks throughout history, and it is now. How do QCP analysts handle the current situation?
QCP Analysts Comment
Publishing market assessment at the time of writing QCP analysts Since they also follow developments on the macroeconomic front closely, their views are comprehensive. This makes their perspective valuable. Since the decline was triggered by losses in stocks, their comments are even more important. 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!
“- The US nonfarm payrolls report for August came in lower than expected yesterday at 142,000 (estimate 165,000), while the unemployment rate came in at 4.2% (same as estimated and lower than 4.3% the previous month).
– The initial market reaction was positive, sending risk assets into a rally. However, the bullish trend reversed sharply when the market started pricing in a 50bps cut in September. After the NFP, the market was pricing in a 50bps cut as 55%. As of this morning, the market is pricing in a 25bps cut as 70% and a 50bps cut as 30%.
– Nvidia (NVDA) continued its sell-off, putting pressure on broader U.S. stock indexes and crypto prices. BTC fell to $52,500 and is currently finding support at $54,000, while ETH has dropped to $2,150.
– BTC spot ETFs also extended their 8-day losing streak.”
QCP analysts don’t seem too surprised by this either, as they aren’t very optimistic about September. We should see some positive developments that could lead to a recovery in equities or a positive divergence from crypto.
Bitcoin Chart Comment
The analyst nicknamed Daan Crypto Trades said, BTC It draws attention to the channel where the price is constantly going up and down. The price, which has tested the bottom three times, is moving towards bigger bottoms. This is also worrying for altcoin investors. The analyst used the expressions “we will watch and see” in his assessment shared about 1 hour ago.
“Bitcoin (BTC) has fallen back to near the bottom of the channel. This level has been tested 4 times against the top which has been tested 8 times before. It’s safe to say this channel is not good. So we definitely recommend you continue watching it.”
Here, continuing to watch means waiting on the sidelines and yesterday he mentioned that he would watch the situation. However, if BTC suddenly goes to $80,000, Daan will not cover anyone’s losses, so you should create your own strategies.
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.
