$BTC

Are Bitcoin Panic Selling Over? What awaits BTC next? QCP Analysts Evaluated!

According to QCP analysts, spot prices in Bitcoin and cryptos have stabilized, with Bitcoin finding good support around $54,000. The panic in the market has decreased.

Bitcoin and altcoins started to recover after the sharp decline yesterday. At this point, while BTC rose above $56,000, altcoins also experienced increases between 4% and 15%.

While wondering whether the increases are short-term or the beginning of a long-term increase, the current analysis came from QCP Capital analysts.

Stating that the level of panic in the market has started to decrease, QCP analysts attributed the reasons for the decline to Mt. He cited selling pressure from Gox and the German Governments.

Stating that speculators oversold after the transfers made by Mt.Gox and the German government, analysts wrote that these sales triggered liquidations in the markets around $ 58,000 and the decline continued until below $ 54,000.

However, according to QCP analysts, spot prices in Bitcoin and cryptos have stabilized. Analysts noted that Bitcoin has good support around $54,000 and the panic has subsided.

Stating that the latest US employment data was lower than both April and May data, QCP said that these data support the market's predictions of a possible early interest rate cut.

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