While Bitcoin (BTC) fell below $ 54,000 with the declines it experienced in recent weeks, the price followed a stable course this week.
Currently, Bitcoin is recovering towards $58,000, while Ethereum (ETH) is heading towards $3,100. According to QCP Capital analysts, factors such as positive US inflation data, inflows to spot ETFs and the German government's completion of sales are behind this recovery.
While it was observed that retail investors were in panic during the declines, it was stated that large institutional investors focused on long-term upward expectations rather than short-term declines.
Analysts stated that institutional investors focused on the $ 100 thousand and $ 120 thousand levels for Bitcoin in December and March and bought call options at these prices.
“Some stability has been observed in the market this week, with BTC and ETH making a steady recovery towards $58,000 and $3,100 respectively.
What are the reasons for this relief rally?
The slowdown in inflation creates a positive macroeconomic atmosphere. The market predicts a 95% chance of a rate cut in September.
The German government has completed its sale of 50,000 BTC and the spot BTC price has remained solid despite the heavy selling in recent weeks.
Demand for spot ETFs remains strong, with net inflows of nearly $1 billion this week.
What do market dynamics tell us?
“While crypto Twitter and retail sentiment are in panic, major hedge funds are aggressively buying BTC, particularly with December and March call options targeting the $100,000-$120,000 levels.”
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