Markets News Report Technology
July 04, 2024

BTC Miners Show Signs Of Capitulation Amid Bitcoin Decline, ETH Options Market Indicates Strong Bullish Sentiment, Says QCP Capital

In Brief

QCP Capital’s latest market analysis highlights that Bitcoin encounters selling pressure, while ETH shows potential for a stronger rebound.

BTC Miners Show Signs Of Capitulation Amid Bitcoin Decline, ETH Options Market Indicates Strong Bullish Sentiment, Says QCP Capital

Singapore-based cryptocurrency trading firm QCP Capital released its latest market analysis, observing that Bitcoin has encountered selling pressure, causing it to drop below the $60,000 support level and trading as low as $57,875.

Furthermore, there are indications that Bitcoin miners are capitulating, a phenomenon historically linked to price bottoms. The last hash rate drawdown comparable to this occurred in 2022, when BTC traded at $17,000. However, despite the recent cryptocurrency sell-off, the options market remains optimistic, with interest favoring ETH Calls for September and December expirations.

The company highlighted several factors that could potentially break the current downtrend in prices. These include the presence of liquidation clusters on BTC and ETH favoring the upside, which could lead to potential short squeezes. Additionally, the imminent approvals of S-1 Forms could trigger a rebound in ETH prices.

The United States Securities and Exchange Commission (SEC) greenlighted 19b-4 forms for eight spot Ethereum ETFs on May 23rd. Asset managers are now awaiting the effectiveness of their S-1 statements before trading can begin, following a two-step process. Recently, the SEC provided “light comments” on S-1 forms to several potential Ethereum ETF issuers, possibly marking the final round of feedback.

Therefore, QCP Capital outlines that considering the selling pressure stemming from BTC, influenced by factors such as Mt. Gox, miners, and government regulations, ETH shows potential for a stronger rebound, particularly in light of forthcoming S-1 filings.

Cryptocurrency Market Sees Bearish Trend As Bitcoin And Ethereum Prices Decline

At present, Bitcoin is trading at $57,625, reflecting a decrease of more than 5.12% over the past 24 hours. During this period, the cryptocurrency reached a low of $57,397 and a high of $60,529. Bitcoin’s dominance in the market increased by 0.13% to 53.24% over the day, indicating a subdued movement in the altcoin market. Concurrently, BTC’s market capitalization stood at $1.13 trillion.

Meanwhile, ETH is currently trading at $3,161, showing a decrease of more than 6.22% over the last 24 hours. During this period, its lowest point was $3,134, while it reached a peak of $3,343.

The cryptocurrency market has predominantly seen bearish movements, with Ethereum (ETH), Solana (SOL), and XRP following Bitcoin’s downward trend. The global cryptocurrency market capitalization decreased by 5.26% to reach $2.13 trillion. Despite this decline, the total market volume surged by 56.14% to $89.89 billion, according to data from CoinMarketCap.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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