Bitcoin (BTC) Summer Rally Shelved! Analysis Firm Points to This Month for Rally!
2 min read
Bitcoin broke new records in recent weeks, exceeding $111,000. However, BTC, which has withstood the subsequent pullbacks well, is now moving within a certain range. At this point, while the expectations for an increase are decreasing, the question of “Will there be a summer rally in BTC and altcoins?” comes to the fore with the arrival of the summer months. Analyzing the current state of Bitcoin, QCP Capital said that investors have postponed their rally expectations to September. Analysts stated that Bitcoin volatility has decreased as the market shows signs of fatigue, and that volatility has reached yearly lows as the BTC price movement remains stuck in a certain range. Analysts said that historical data suggests that Bitcoin volatility could fall further by July, and that the price could also fall. Analysts have warned that Bitcoin’s price could fall sharply as no clear bullish catalyst is in sight and recent macro events have failed to generate momentum. QCP analysts also noted that investors are postponing bullish bets, pushing back July options to September. Without a break above $110,000 or below $100,000, Bitcoin is more likely to remain in its current range, analysts say. All eyes will be on the US CPI and PPI data to be released this week for any upward or downward movements in Bitcoin. “A clean break below $100,000 or above $110,000 would likely rekindle broader market interest, but we do not currently see any obvious near-term catalysts to drive such a move. So we expect Bitcoin to move within a certain range. Investors are also uncertain about Bitcoin’s movements. Options flows over the past week also reflect this indecision. We have seen expectations for a July peak being postponed until September. Key events to watch this week: US CPI on Wednesday, US PPI on Thursday, Jobless Claims *This is not investment advice. Continue Reading: Bitcoin (BTC) Summer Rally Shelved! Analysis Firm Points to This Month for Rally!
Source: BitcoinSistemi
