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QCP Capital: Bitcoin may have strong support at $54,000, and the options market still shows medium-term bullish signals
2024-09-02 10:50:02
Odaily News QCP Capital's latest analysis points out that by analyzing Bitcoin's historical performance in September, it was found that there have been declines in 6 of the past 7 years, with an average decline of 4.5%. If this pattern is repeated this year, the price of Bitcoin may fall to about $55,000. However, analysts expect $54,000 to be a strong support level, a level that successfully supported prices in July and helped push Bitcoin to $70,000. The report also mentioned that this week's unemployment benefit application data (September 5) and non-farm payrolls report (September 6) may not have a significant impact on cryptocurrency prices, as the impact of recent macroeconomic data on cryptocurrencies has weakened. Despite the short-term market downturn, QCP observed that the options market still shows medium-term bullish signals. The volatility curve is expected to steepen further, while more long option positions are rolled over to March next year. Bitcoin's call option with an exercise price of $120,000, expiring on March 28, 2025, added 200 contracts today, with an open interest of 2,100, indicating that investors remain optimistic about the medium-term outlook.