It's going up, so I'm starting to see more!
The current crypto market has shown signs of a bull market, and there is speculative selling pressure in the short term
QCP Capital analysis pointed out that the price of Bitcoin fell to $55,200 during early U.S. trading on Monday after the German government transferred about $900 million of Bitcoin to the exchange. The market was initially frightened, but it quickly rebounded. We saw some signs of a bull market for the following reasons:
1. The exchange later returned $200 million worth of Bitcoin to the German police, indicating that these assets did not enter the market.
2. Rapid dip buying shows strong demand, and exchange-traded funds (ETFs) inflows of $295 million on July 8, the highest level in 21 days, provide support for this.
3. Despite the lack of liquidity, Bitcoin and Ethereum have hit higher lows this week, and dip buying is very active.
QCP Capital believes: "The market reacted strongly to supply movements, indicating speculative selling pressure rather than actual spot demand. This may indicate that the market is overly bearish. A catalyst is needed. The Ethereum spot ETF is expected to start trading around July 15. If it can get a positive response, it may increase liquidity and may surprise the market with an upward trend. It is recommended to deploy out-of-the-money call options (OTM ERKOs), expecting a breakthrough with minimal cash expenditure and zero downside risk."
