According to ChainCatcher, Singapore-based crypto investment firm QCP Capital said that as traders await the release of CPI data and tonight’s FOMC meeting, BTC and ETH spot prices are still fluctuating within a range.
He is optimistic about tonight's events for the following reasons:
BTC futures swaps rebounded from the 10% low and moved higher yesterday as traders took profits by closing short futures positions. With any catalyst, we could easily see yields pushed above 15%.
Today we are seeing active buying of 13-Jun calls, coupled with a significant increase in funding rates, suggesting the market is bracing for a upside surprise.
With the stock market closing at a second record high in a row, QCP Capital believes that the cryptocurrency market could test its highs again if the CPI data meets expectations and the FOMC outcome is neutral.
