According to TechFlow, QCP Capital said that the crypto market has been under pressure from the following factors recently:
U.S. non-farm payrolls data exceeded expectations, U.S. Treasury yields rose, and expectations of rate cuts in July and September were ruled out.
French President Emmanuel Macron called for a snap election, sending the euro tumbling against the dollar, pushing the greenback higher and triggering risk aversion.
Markets remained cautious ahead of the Consumer Price Index (CPI) and the Federal Open Market Committee (FOMC) meeting, which will release the dot plot that will reveal the Fed's expectations for rate cuts.
Bitcoin ETFs saw outflows of $64 million yesterday, likely as traders reduced risk ahead of important events.
Despite the short-term headwinds, he believes this is a good opportunity to accumulate cryptocurrencies. Positive events include the launch of the ETH spot ETF and the verbal battle between Biden and Trump to win over crypto voters.
It recommends buying BTC spot at a 13% discount ($58,000) when the BTC spot price is below $74,000.
