Singapore-based cryptocurrency trading firm QCP Capital released its latest market analysis, noting that Bitcoin experienced a 2.20% rally last night, driven by strong spot demand. The cryptocurrency briefly reclaimed the $68,000 mark before stabilizing around $67,000.
During US trading hours, the market saw notable buying activity in long-dated contracts for March 28th, with 600 contracts featuring a strike price of $120,000. This trend suggests a return of optimistic long-term buyers in the current rebound.
Additionally, Bitcoin exchange-traded funds (ETFs) saw an influx of $456 million yesterday, marking a four-day streak of net inflows. These capital inflows could signal that BTC might challenge its all-time high of $73,790 once more.
However, QCP Capital cautioned that the upcoming US election is the next major catalyst for Bitcoin and the broader cryptocurrency market. There is still uncertainty regarding Bitcoin’s trajectory after the election. Options set to expire around the election date are trading at a 10% premium compared to other expiration options. With market attention focused on the election, any changes in polling or the candidates’ campaign narratives are likely to have an impact on spot prices, the firm notes.
Bitcoin Trades At $67,080, While Crypto Market Faces Slight Decline
As of the current writing, Bitcoin is trading at $67,080, reflecting a decline of more than 1.03% over the past 24 hours. The cryptocurrency recorded an intraday low of $66,805 and a high of $68,039. Currently, Bitcoin’s market capitalization stands at $1.33 trillion, with its market dominance increasing by 0.03% to 57.65%.
Meanwhile, the global cryptocurrency market capitalization has experienced a slight decrease of 0.74%, bringing it to $2.3 trillion at the time of writing. Additionally, the cryptocurrency market volume has dropped by 29.19%, now totaling $69.95 billion, according to data from CoinMarketCap.
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