Bitcoin price has fallen below the $56,000 level due to lack of support. Material Indicators noted that the lack of sufficient buy walls in the market is worrying. QCP Capital advised investors to monitor macroeconomic correlations.$BTC
Bitcoin price fell below $56,000 after Wall Street opened on August 7 due to lack of support. However, it has recovered from $48,800 and reached that level again. According to TradingView data, the recovery in BTC price has slowed down and BTC/USD is showing a sideways movement compared to its daily opening level. On August 5, Bitcoin rose by nearly $7,000 from its 6-month low. However, this increase has continued to cause investors to remain concerned due to market uncertainties. Analyzing the latest situation in the exchangeâs order book, Material Indicators stated that the price could move in either direction.
Material Indicators stated in a post on the X platform that the current BTC liquidity level is significant but not insurmountable. It also emphasized that the absence of large buying walls in the active trading range is worrying. Regarding the "gap" in the CME Group's Bitcoin futures market, it noted that potential price movements could occur between $57,845 and $58,845.
Keith Alan, co-founder of Material Indicators, noted the death cross, where several moving averages converge, but noted that the situation could still be mitigated. Bitcoinâs daily chart shows Trend Precognition and MACD indicating a change in momentum. However, the bullish trend appears to have faded slightly due to the death cross between the 21-day and 100-day MAs. The 50-day and 200-day MAs are also showing a similar trend.
It is important to note that death crosses are lagging indicators and a quick recovery could unwind these indicators. If BTC bulls manage to fill the CME Gap today and the upward movement continues, it will be a strong signal. Otherwise, failure to fill the gap or rejection at the top of the gap could be a source of concern for the bulls.
Macroeconomic conditions also showed volatile movement during the day, and investors were observed to follow a "wait and see" strategy. QCP Capital advised crypto investors to monitor macro correlations. The company stated that systematic funds tend to reduce risks due to increased volatility and predicted that selling pressure may continue in the coming days. It also emphasized that correlations between assets such as Nasdaq, Nikkei and USDJPY will remain high.
QCP Capital stated that cryptocurrencies are suitable for long-term investments, reiterating its previous long-term profitability views. The company stated that market volatility is a temporary phase, and that they prefer to create longer-term bullish positions and recommend transactions with a time horizon of 3-6 months.
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