Singapore-based cryptocurrency trading firm QCP Capital published its latest market analysis, noting that while the cryptocurrency market has stabilized following last week’s fluctuations, implied volatility remains elevated. The market continues to anticipate possible volatility due to upcoming crucial events, encompassing the debate between Donald Trump and Kamala Harris on September 10th and the Consumer Price Index (CPI) data release scheduled for September 11th.
Despite last week’s rapid price declines, the market continues to be cautious about potential downside risks, with risk reversals for BTC and ETH still favoring put options through October. However, QCP Capital maintains a structurally bullish outlook despite the short-term fluctuations and price volatility.
The company reports that the market is taking advantage of the recent pullback to build long-term bullish positions. Notably, large buyers are purchasing call options with expiration dates of March 28th, 2025, and strike prices of $85,000, $100,000, and $120,000.
Furthermore, QCP Capital views the rebound from $52,500 as a positive sign, observing that some institutions seem to believe a market bottom has been reached and are increasing their bullish bets in December and March contracts.
Bitcoin And Ethereum See Gains Ahead Of Upcoming FOMC Meeting
As of press time, Bitcoin has been trading at $55,126, registering a 1.29% rise over the past 24 hours. The cryptocurrency’s intraday low and high were $53,692 and $55,516. Bitcoin’s dominance rose by 0.08% to 55.73%, with its market capitalization at $1.09 trillion.
Meanwhile, Ethereum‘s price has recorded a 0.78% surge more than the last 24-hour period, reaching $2,307. Ethereum’s intraday low and high were $2,244 and $2,335.
In addition, the global cryptocurrency market capitalization has climbed 1.05% to $1.95 trillion, while the total market volume surged approximately 36.55% to $53.22 billion, as per the data from CoinMarketCap.
The cryptocurrency market seems to be attempting a recovery as the Federal Open Market Committee (FOMC) gathering approaches this month. Moreover, September has historically been one of the worst months for both the United States stock market and the cryptocurrency market. Despite this, as cryptocurrency prices continue to trend upward, investor sentiment has become more optimistic.
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