QCP Capital: Market Anticipates Breakthrough Ahead Of US Presidential Election, Stronger Confidence In Year-End Rebound
In Brief
QCP Capital noted that Bitcoin this week has shown resilience and the market might anticipate a breakthrough leading up to US elections.
Singapore-based cryptocurrency trading firm QCP Capital recently published an analysis, noting that price action this week has shown considerable resilience, particularly in the face of ongoing Mt. Gox supply and declining equities.
The company noted that perpetual funding has stabilized at a flat level, and volatility has gradually decreased. Additionally, BTC has returned to the familiar range of $61,000 to $71,000, where it traded throughout the entire second quarter of this year.
However, the market might anticipate a breakthrough leading up to the forthcoming presidential elections in the United States. In the near term, spot prices could remain within the current range, especially since dealers are heavily invested in the $67,000 strike for July 26th.
QCP Capital noted that despite the low overnight spot price, institutions continue to show interest in the December $100,000 call options. This indicates a strong belief in a potential year-end rally, which the company suggests could be bolstered by increasing odds of a Donald Trump victory.
Bitcoin Remains Near $64,000. Crypto Market Shows Mixed Price Movements
At the time of writing, Bitcoin is trading at $64,078, reflecting a 0.66% decline over the past 24 hours. During this period, Bitcoin’s lowest price was recorded at $63,329, and its highest was $65,086. Additionally, Bitcoin’s market dominance is currently 53.97%, an increase of 0.10% from the previous day.
According to data from SosoValue, spot Bitcoin exchange-traded funds (ETFs) saw inflows of $84.7 million, marking another consecutive day of gains.
Meanwhile, the broader cryptocurrency market showed mixed price movements, with Ethereum (ETH) and XRP experiencing declines, as of the writing time trading at $3,404 and $0.55, respectively. On the contrary, Solana (SOL) remained in positive territory, reaching as high as $162 despite volatility over the past 24 hours.
The overall cryptocurrency market cap has declined by 0.84% to $2.34 trillion. Additionally, the total market volume over the past day has decreased by 2.74% to $70.64 billion, according to data from CoinMarketCap.
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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.
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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.
