QCP Capital’s weekend brief delves into a volatile week for bitcoin, which saw a peak in price that couldn’t hold and a sharp decline amid renewed regulatory concerns.
Bitcoin’s Price Stumbles at Key Level: QCP Capital Explains Why It Matters Now
Analysts at
QCP Capital
observe a pattern of consolidation in bitcoin as institutional demand remains strong. Bitcoin (
BTC
) saw significant market activity this past week, with QCP market strategists noting an attempt to breach its previous high of $69,500 before settling at support around $65,000.
According to the QCP analysts, bitcoin’s rise in dominance to 59.75% and $997.7 million in net inflows exemplify strong institutional interest. However, ethereum (
ETH
) lost 5.85% against
BTC
, signaling that market focus remains firmly on bitcoin as it nears its all-time high.
Reports of an
alleged
U.S. government investigation into Tether led to a temporary and modest deviation of the stablecoin, dipping to $0.9965 before rebounding. Tether’s CEO Paolo Ardoino publicly dismissed the investigation claims, but the incident spurred market anxiety, QCP noted, coinciding with declines in both traditional and crypto markets.
Broader geopolitical tensions, particularly rising Middle Eastern conflicts, are exacerbating market instability, affecting both U.S. stocks and cryptocurrencies. Looking ahead, QCP analysts highlight the importance of next Friday’s non-farm payroll data release, which could shape the
Federal Reserve’
s interest rate decisions.
With a 95.1% likelihood of a 25 basis point cut anticipated by markets, QCP suggests monitoring macroeconomic indicators closely. “We still favour the accumulator to load up on discounted
BTC
before its eventual breakout from ATH levels,” the analysts concluded.
