Cryptocurrency trading firm QCP Capital commented on the current situation of the market and its Ethereum (ETH) predictions attracted attention.
QCP Capital analysts shed light on the current situation of the cryptocurrency market in their posts dated March 6. of Bitcoin to $69,300 reaching a new peak and then falling hard It was stated that a cleaning was carried out on futures positions. Additionally on the market Funding levels also returned to normal And if the market is to rise, it has created a wide space for this.
Analysts noted that the decline was bought too quickly and aggressively. $60,000 as a strong support level He stated that he proved himself:
Last night, BTC reached an all-time high of 69.3 thousand, but fell sharply to 59.2 thousand within 5 hours. The sharp decline behind leveraged long positions led to liquidations of over 1 billion USD on Binance alone. The dip was bought very quickly and aggressively and 60k proved to be a good support level.
However, the general narrative in the market is to Ethereum It was emphasized that he could return. Especially in May spot Ethereum exchange traded fund (ETF) applications It was noted that the possibility of approval by the USA could quickly push Ethereum upwards. In such a scenario, analysts ETH/BTC parity He also said that there will be a strong recovery.