CandleFocus

Bitcoin Plunges 3,000 Points, Recovers to 98K: QCP Predicts Stability Ahead

Author: Content Editor
According to analysts at QCP Capital, the crypto economy saw a $1.5 billion drop in value due to long liquidations, resulting in a 3,000-point drop in the market. Bitcoin has since recovered and is consolidating in the 97,000 to 98,000 range, while altcoins are lagging behind. However, QCP noted strong momentum in the market for spot exchange-traded funds (ETFs), with Bitcoin and Ethereum spot ETFs recording consecutive days of positive inflows. QCP also highlighted Riot Platforms' move to issue $500 million in convertible notes to acquire bitcoin, which has generated strong interest. Additionally, Microsoft shareholders are set to vote on adding bitcoin to the company's balance sheet, which could boost market sentiment if approved. QCP mentioned that broader macroeconomic conditions have been stable, but BTC and ETH derivatives markets reflect caution among investors. While BTC stabilizes, QCP believes a significant catalyst is needed to drive momentum beyond the 100,000 threshold.

Related News