QCP Capital Analysts Say Spot Bitcoin ETF Approval Hype Continues, Announce Levels to Watch for BTC!

Bitcoin, which was above $45,000 at the beginning of the week, fell below $41,000 following rumors that spot Bitcoin ETFs would not be approved.

However, BTC recovered afterwards and continued to be traded at $ 43,924. While investors focused on the statement from the SEC regarding the possibility of the ETFs being approved today, QCP Capital shared its analysis of the general cryptocurrency market.

Stating that the highly anticipated spot BTC ETF approval news is expected to arrive tonight or next week, QCP analysts said that both BTC and Ethereum (ETH) futures have increased significantly due to this expectation.

Stating that funding rates have normalized somewhat after the deleveraging event on January 3, analysts announced the support and resistance levels to follow for BTC.

“For now, the resistance level remains between $46,000-$48,500, while the support level lies between $40,500-$42,000.

Despite the liquidation of leveraged transactions, BTC rose to 44,000 levels. While we remain wary of a sudden “sell the news” reaction to the downside, our medium-term bullish outlook supported by the BTC halving gives us greater confidence in the BTC price.

Additionally, cryptocurrencies continue to leave TradFi due to the ETF’s bullish rhetoric. “

Finally, analysts who made an evaluation about interest rate cuts said that the markets priced the FED to make 6 interest rate cuts for 2024, but the general expectation was that the FED would make three interest rate cuts.

*This is not investment advice.