QCP Capital posted an analysis. Another day of heavy selling pressure caused BTC to fall below the 60k support level and hit a low of $57,875. BTC miners are showing signs of capitulation. Historically, this is related to the price bottoming out. The last time a similar hash rate drop occurred in 2022, when BTC traded at 17,000. However, despite the cryptocurrency sell-off, the options market remains optimistic as it sees interest in ETH call options expiring in September and December heavily skewed. Breaking the downtrend may require two factors:
1. The clearing clusters of BTC and ETH are heavily skewed to the upside, opening up a potential short squeeze.
2. With Form S-1 approval looming, spot Ethereum ETF approval could lead to a significant rebound in ETH.
QCP Capital: BTC miners have shown signs of capitulation, but the options market remains optimistic
2024-07-04 07:38:59
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