Cryptocurrency analysis and trading company QCP Capital touched upon the effects of the ETF discourse in the market and possible future scenarios.
As rumors grow that the highly anticipated spot Bitcoin exchange-traded fund (ETF) launch will take place next week QCP A report on the subject came from Capital. Deribit in options exchanges such as funding rates over 100% The report stated that the increasing interest in crypto has reduced the correlation with traditional finance.
The report reminded that if the spot Bitcoin ETF is approved, attention will quickly shift to spot Ethereum ETF applications.
However, the ETH/BTC chart at 0.051 It was stated that it was positioned in strong support. ETH/BTC attracted attention by performing poorly in 2023.
In addition, current data in the option markets indicate that Bitcoin Very similar to data seen at its $69k peak It was highlighted that. Current supports for Bitcoin price in the report $40,500 – $42,000 It is located in the region and the resistance band is also $46,000 – $48,500 It was noted that it was at the level of:
For now, resistance remains limited to the 46.00 – 48,500 region, while support lies in the 40.5 – 42,000 region. Despite the massive liquidation of leveraged transactions, BTC managed to bounce back to the 44,000 level. While we remain wary of a bearish “sell the news” reaction, this resilient price action gives us greater confidence in the medium-term bullish view of Bitcoin halving towards March/April this year.
Cryptocurrency market is a possible “sell the newsAlthough we are alert to the risk of ” and the postponement of the ETF, April will take place in Bitcoin halving It was emphasized that it maintained its positive effect on the price.
On the other hand, it was emphasized that traditional markets maintained an indecisive attitude regarding the future of the FED’s interest policies, and it was implied that the cryptocurrency market was moving in line with its own dynamics these days.