{"id":627936,"date":"2024-07-05T06:00:33","date_gmt":"2024-07-05T06:00:33","guid":{"rendered":"https:\/\/ktsl888.com\/?p=627936"},"modified":"2024-07-04T19:33:44","modified_gmt":"2024-07-04T19:33:44","slug":"bitcoin-nears-bottom-qcp-analysts-spot-signs-of-capitulation-as-prices-tumble-below-59k","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-nears-bottom-qcp-analysts-spot-signs-of-capitulation-as-prices-tumble-below-59k\/","title":{"rendered":"Bitcoin Nears Bottom? QCP Analysts Spot Signs of Capitulation as Prices Tumble Below $59K"},"content":{"rendered":"

Recent trading patterns have led QCP Capital, a prominent trading firm, to highlight<\/a> potential signs of a market bottom in the crypto market. Bitcoin, the leading digital currency, recently dipped below $58,000, causing analysts to focus on the behavior of miners and their possible capitulation.<\/p>\n

Such capitulation could indicate a market bottom, similar to past market cycles. In 2022, a parallel hash rate drop saw Bitcoin prices plummet to $17,000, suggesting a recurring theme<\/a> that could signal an upcoming rebound.<\/p>\n

Related Reading: Buckle Up: Here Is Why Bitcoin Might Just Be Gearing Up For a 200% Surge<\/a><\/div>\n

Bitcoin Bottom In?<\/h2>\n

Bitcoin’s fall from the critical $60,000 support level to a current low below $58,000 at the time of writing has triggered discussions among QCP’s analysts.<\/p>\n

In their latest update on Telegram, they describe this downturn as aligned with historical precedents that usually precede significant price recoveries. This trend suggests that while the market appears bearish, underlying movements might hint at an emerging bullish scenario<\/a>.<\/p>\n

\"Bitcoin
BTC price is moving sideways on the 1-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Despite the market’s downward trajectory, QCP remains optimistic about the potential for recovery, driven by specific market mechanisms and upcoming financial products.<\/p>\n

The options market, specifically in Ethereum (ETH)<\/a>, is seeing a skew towards call options for upcoming months, reflecting a bullish sentiment among traders.<\/p>\n

Additionally, QCP analysts have identified significant liquidation clusters for Bitcoin and Ethereum that, if triggered, could lead to aggressive short squeezes, potentially driving up prices<\/a>.<\/p>\n

QCP has also proposed a strategic ETH trading strategy using KIKOs (Knock-In, Knock-Out options) to capitalize on market volatility while protecting against severe downside risks.<\/p>\n

This strategy underlines the firm\u2019s anticipation of positive shifts in the ETH market, possibly fueled by the approval of new financial products like the anticipated S-1 forms for Ethereum exchange-traded funds (ETFs).<\/p>\n

BTC Sharp Decline Amid Widespread Liquidations<\/h2>\n

In the last 24 hours, Bitcoin and Ethereum have experienced notable declines, with prices falling to $58,057 and $3,134, respectively.<\/p>\n

This downturn has significantly affected the trading community, with Coinglass reporting<\/a> total market liquidations of approximately $387.78 million; a large portion involved Bitcoin and Ethereum.<\/p>\n

\"Bitcoin
Source: Coinglass<\/figcaption><\/figure>\n

The liquidation patterns<\/a> suggest a predominance of long positions, indicating that many traders expected a price increase, which did not materialize.<\/p>\n

While the immediate market conditions appear grim, deeper analysis by crypto experts like Crypto Patel suggests this could be the precursor to a more significant market movement.<\/p>\n

Related Reading: Crypto Carnage: Nearly $200 Million Liquidated as Bitcoin Slips Below $61,000<\/a><\/div>\n

Patel\u2019s analysis points to Bitcoin dropping to lows of around $55,000, a sentiment that may appear negative to others who remain optimistic that the bottom is in and surge is next.<\/p>\n

\n

#Bitcoin<\/a> Analysis Update \ud83d\udea8<\/p>\n

Hope you followed my analysis! $BTC<\/a> hit Break of Structure (BOS) and made a new low, perfectly rejecting from the Bearish OB. I’m still bearish and see a potential drop to $55,000.<\/p>\n

Expecting a new OB to form at $61k-$62k, leading to a small pump\u2026 https:\/\/t.co\/LiMD6e4mdF<\/a> pic.twitter.com\/HiY5OWX6tt<\/a><\/p>\n

\u2014 Crypto Patel (@CryptoPatel) July 4, 2024<\/a><\/p><\/blockquote>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Recent trading patterns have led QCP Capital, a prominent trading firm, to highlight potential signs of a market bottom in the crypto market. Bitcoin, the leading digital currency, recently dipped below $58,000, causing analysts to focus on the behavior of miners and their possible capitulation. Such capitulation could indicate a market bottom, similar to past market cycles. In 2022, a parallel hash rate drop saw Bitcoin prices plummet to $17,000, suggesting a recurring theme that could signal an upcoming rebound. Related Reading: Buckle Up: Here Is Why Bitcoin Might Just Be Gearing Up For a 200% Surge Bitcoin Bottom In? Bitcoin’s fall from the critical $60,000 support level to a current low below $58,000 at the time of writing has triggered discussions among QCP’s analysts. In their latest update on Telegram, they describe this downturn as aligned with historical precedents that usually precede significant price recoveries. This trend suggests that while the market appears bearish, underlying movements might hint at an emerging bullish scenario. Despite the market’s downward trajectory, QCP remains optimistic about the potential for recovery, driven by specific market mechanisms and upcoming financial products. The options market, specifically in Ethereum (ETH), is seeing a skew towards call options for upcoming months, reflecting a bullish sentiment among traders. Additionally, QCP analysts have identified significant liquidation clusters for Bitcoin and Ethereum that, if triggered, could lead to aggressive short squeezes, potentially driving up prices. QCP has also proposed a strategic ETH trading strategy using KIKOs (Knock-In, Knock-Out options) to capitalize on market volatility while protecting against severe downside risks. This strategy underlines the firm\u2019s anticipation of positive shifts in the ETH market, possibly fueled by the approval of new financial products like the anticipated S-1 forms for Ethereum exchange-traded funds (ETFs). BTC Sharp Decline Amid Widespread Liquidations In the last 24 hours, Bitcoin and Ethereum have experienced notable declines, with prices falling to $58,057 and $3,134, respectively. This downturn has significantly affected the trading community, with Coinglass reporting total market liquidations of approximately $387.78 million; a large portion involved Bitcoin and Ethereum. The liquidation patterns suggest a predominance of long positions, indicating that many traders expected a price increase, which did not materialize. While the immediate market conditions appear grim, deeper analysis by crypto experts like Crypto Patel suggests this could be the precursor to a more significant market movement. Related Reading: Crypto Carnage: Nearly $200 Million Liquidated as Bitcoin Slips Below $61,000 Patel\u2019s analysis points to Bitcoin dropping to lows of around $55,000, a sentiment that may appear negative to others who remain optimistic that the bottom is in and surge is next. #Bitcoin Analysis Update \ud83d\udea8 Hope you followed my analysis! $BTC hit Break of Structure (BOS) and made a new low, perfectly rejecting from the Bearish OB. I’m still bearish and see a potential drop to $55,000. Expecting a new OB to form at $61k-$62k, leading to a small pump\u2026 https:\/\/t.co\/LiMD6e4mdF pic.twitter.com\/HiY5OWX6tt \u2014 Crypto Patel (@CryptoPatel) July 4, 2024 Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":627951,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,441,629,639,678,1119,78790,6664,10923,1946,91844],"class_list":["post-627936","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-market","tag-bitcoin-miners","tag-bitcoin-prediction","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market","tag-ethereum","tag-ethereum-market"],"acf":[],"yoast_head":"\nBitcoin Nears Bottom? 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/ktsl888.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Nears Bottom? 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