QCP: Bitcoin and Altcoins Are Turning, The Rise Can Continue Under These Conditions!
Cryptocurrency analysis firm QCP Capital has published a market report for August 24.
QCP Capital shared a cryptocurrency market report on Telegram on August 24. The report stated that the market has finally recovered.
Analysts described the statements made by FED Chairman Powell on August 23 as positive. The positive impact of these statements regarding the interest rate cut on Bitcoin and altcoins was emphasized:
The interest rate cuts for September have been confirmed, but there is no indication of how much they will be, so August Payrolls will be critical. A 25bp cut is likely to show an upward trend, while a 50bp cut could indicate that the Fed is taking urgent measures to prevent the economy from falling flat.
However, it was stated that the increases experienced in the last 24 hours came from the spot side. It was reported that if the $62,000 support holds, the rise could continue and long positions would increase:
Last night's recovery was mostly spot-focused because funding continued to remain flat. However, if the $62,000 support holds and we approach the end of the summer holidays, we should expect an increase in leveraged long positions.
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