Bitcoin experienced a rough month in June, with macroeconomic issues triggering a downward trend in sales. The recent market weakening in Germany due to BTC sales has only added to the ongoing decline. QCP Capital analysts have been closely monitoring the situation and assessing the potential impact on the markets.
At the time of writing, Bitcoin’s price stood at $61,300, but quickly dropped to $60,567, leading to further dips in altcoins. Altcoins, which have been facing capital outflows for several weeks now, reached oversold levels with the latest decline. QCP Capital’s assessment highlighted the challenges faced by altcoins in the current market conditions.
In a recent analysis, QCP Capital noted that miner reserves had dropped to a 10-year low, and the news of MTGOX assets returning to the market further fueled the downward trend. While investors are hopeful for a rebound, the continuous daily closures at lower levels suggest that altcoins may struggle in the near future.
Despite the lack of a significant response to inflation decline on the Fed front, investors may find some relief if the PCE data on Friday meets or falls below expectations. Additionally, the potential approval of S-1 Forms for the ETH ETF by the SEC by the end of the month could boost risk appetite and pave the way for exchange listing.
BTC has been testing the $60,400 region multiple times since February 28, as well as the $71,800 level. Despite the price fluctuating between these highs and lows, a clear breakout has yet to be seen. If BTC experiences a downward breakout, new spikes between $56,840 and $52,400 could be observed.
For the latest news updates, readers can follow QCP Capital on Telegram, Facebook, Twitter, and Coinmarketcap. It’s important to note that the information provided in this article is not investment advice, and investors should be aware of the high volatility and risks associated with cryptocurrencies, conducting their own research before making any decisions.
