Singapore-based cryptocurrency trading firm QCP Capital has published its latest market analysis, highlighting that Bitcoin’s rally in October is regaining momentum. Currently, Bitcoin prices are stable and mirror the levels seen last Monday.
The firm highlighted the “Uptober” narrative, along with strong non-farm payroll figures, as key factors providing support around the $60,000 mark for Bitcoin. Additionally, the upcoming HBO documentary about Bitcoin has attracted more mainstream interest in cryptocurrencies, while memecoins related to Len Sassaman are starting to gain traction.
Although the previous week began poorly, option flows indicate a bullish outlook for the fourth quarter, as investors continue to purchase $75,000 and $95,000 call spreads set to expire in December. QCP remains optimistic about October’s performance, considering the potential for future rate cuts and Bitcoin’s strong correlation with the stock market.
Market attention this Thursday will be on the US Consumer Price Index (CPI) data. Following the recent strong US wage and employment statistics, analysts will closely watch for any signs of rising inflation. The Federal Reserve’s expectations for rate cuts have shifted from 50 basis points to 25 basis points in just one week, and this week’s data could further influence these expectations, the firm noted.
Bitcoin Surges Despite ETF Outflows, While Crypto Market Gains Momentum
As of the current writing, Bitcoin is trading at $62,929, reflecting an increase of over 0.94% in the past 24 hours. The cryptocurrency’s intraday low and high were noted at $62,099 and $63,937, respectively. This rise is particularly noteworthy given the $301.54 million in weekly outflows from Bitcoin exchange-traded funds (ETFs) recorded last week.
In addition to Bitcoin’s performance, the overall cryptocurrency market is exhibiting bullish sentiment. The global cryptocurrency market capitalization has risen by 1.51% to reach $2.19 trillion today. Moreover, total market volume has surged by 75.36%, bringing it to $62.17 billion, according to data from CoinMarketCap.
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