Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
Experts Announce the Levels They Expect Bitcoin to Follow in the Short Term

Experts Announce the Levels They Expect Bitcoin to Follow in the Short Term

BitcoinsistemiBitcoinsistemi2024/08/31 19:33
By:Mete Demiralp

Bitcoin has experienced a significant pullback this week, retreating from recent highs of $65,000 to the $58,000 to $60,000 range, according to cryptocurrency analysis firm QCP Capital.

The reversal came after last week's gains and signaled cautious sentiment in the market.

According to the analytics firm, one of the notable developments was the outflow of funds from Bitcoin spot ETFs, which recorded four consecutive days of withdrawals. BlackRock’s IBIT fund in particular witnessed a notable change in investor behavior, with $13.5 million in outflows for the first time since May.

On the broader economic front, the latest U.S. Personal Consumption Expenditures (PCE) inflation data came in softer than expected, rising 2.5% YoY compared to expectations of 2.6%, reinforcing expectations for a more dovish stance from the Federal Reserve in the fourth quarter. Stocks responded positively, with the Dow Jones Industrial Average reaching a new all-time high, the report said.

Related News A Cryptocurrency Wallet Buys Altcoins for $1,170, Its Balance Peaks at $10 Million in 3 Days

QCP Capital suggests that the upcoming Nonfarm Payrolls (NFP) report could be a key indicator of the Fed’s next move. A weaker-than-expected result could strengthen the case for a Q4 rate cut, according to QCP analysts; current market probabilities are 33% for a 25bp cut and 67% for a 50bp cut.

Despite these macroeconomic developments, QCP Capital believes the crypto market is likely to remain in a holding pattern. “With recent macro news proving to have little impact on the crypto market, we believe BTC will remain in the $58,000-$65,000 range in the short term as the market awaits positive catalysts to break out of this range,” the firm said.

*This is not investment advice.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Investors Pick Troller Cat from the Best Meme Coins to Buy Today with Hours Left for Stage 7 – Book of Meme and ANDY Cool Off

The Troller Cat presale is gaining momentum, with over $150K raised and a 3541% ROI projection, while BOOK OF MEME and ANDY prices struggle.Troller Cat Is Gaining Ground as the Top Presale in a Crowded Meme Coin MarketBOOK OF MEME Price Drops 12.80 Percent as Momentum SlowsANDY Falls Nearly 10 Percent as Early Momentum CoolsConclusion

Coinomedia2025/05/31 07:56
Investors Pick Troller Cat from the Best Meme Coins to Buy Today with Hours Left for Stage 7 – Book of Meme and ANDY Cool Off

3 Top Presale Crypto Projects That Let You Earn Instantly Through Referrals

Explore top presale crypto projects offering instant rewards. BlockDAG gives 25% referrals, while Unstaked and Web3 ai offer 10% each. Start earning today.Unstaked: AI Tools and 10% Referral IncomeWeb3 ai: Early Pricing and 10% Referral BenefitReferral Rewards Are Driving Real Earnings

Coinomedia2025/05/31 07:56
3 Top Presale Crypto Projects That Let You Earn Instantly Through Referrals

Ethereum Rebound Likely if Price Holds $2,550

Ethereum eyes $2,650 as TD Sequential hints at a bullish rebound if $2,550 support holds strong.Potential Bounce Ahead for EthereumTechnical Indicators Support a Move to $2,650Why This Level Matters for Traders

Coinomedia2025/05/31 07:56
Ethereum Rebound Likely if Price Holds $2,550

Bitcoin Retail Panic After Buying Near ATH Levels

On-chain data shows retail investors panic after buying Bitcoin near all-time highs and seeing a slight market correction.Retail Investors Buy Late, Panic EarlyA 6% Dip Sparks Panic SellingLessons from On-Chain Data

Coinomedia2025/05/31 07:56
Bitcoin Retail Panic After Buying Near ATH Levels