QCP Capital Analysts Say Spot Bitcoin ETF Approval Hype Continues, Announce Levels to Watch for BTC!

Found above $45,000 at the beginning of the week Bitcoinfalling below $41,000 following rumors that spot Bitcoin ETFs would not be approved.

However, BTC recovered afterwards and continues to trade at $43,924, while investors focus on the announcement from the SEC regarding the possibility of the ETFs being approved today. QCP Capital He shared his analysis of the general cryptocurrency market.

QCP analysts stated that the highly anticipated spot BTC ETF approval news is expected to arrive tonight or next week, and due to this expectation, both BTC and Ethereum (ETH) He said that futures transactions rose considerably.

Analysts state that funding rates have normalized somewhat after the deleveraging event on January 3. BTC He explained the support and resistance levels to follow.

“For now, the resistance level remains between $46,000-$48,500, while the support level lies between $40,500-$42,000.

Despite the liquidation of leveraged transactions, BTC rose to 44,000 levels. While we remain wary of a sudden “sell the news” reaction to the downside, our medium-term bullish outlook supported by the BTC halving gives us greater confidence in the BTC price.

Additionally, cryptocurrencies continue to leave TradFi due to the ETF’s bullish rhetoric. “

Finally, analysts who made an evaluation about interest rate cuts stated that the markets priced the FED to make 6 interest rate cuts for 2024, but the general expectation was FedHe said that he was planning to make three interest rate cuts.

*This is not investment advice.