QCP Capital announced that cryptocurrency markets are showing signs of recovery after last week’s selling pressure, paving the way for an “October rally.”
The company’s report noted that Bitcoin (BTC) rose to $112,000 and Ethereum (ETH) to $4,100. Spot prices remained stable over the weekend, despite significant ETF outflows last Friday, suggesting that selling pressure was absorbed more strongly than expected.
QCP Capital argued that quarter-end liquidations were the main driver of these outflows and that this week’s ETF flows will determine the direction of institutional demand.
The report revealed that despite a challenging month, Bitcoin closed September with a gain of more than 3%. Analysts noted that the market is preparing for the seasonal rally known as “Uptober,” and that it is critical for BTC to surpass the $115,000 level to confirm the uptrend.
Cautious optimism is prevailing in the options market. According to QCP Capital, investor confidence is slowly returning, bearish sentiment is diminishing, and open interest in both Bitcoin and Ethereum is beginning to stabilize. This suggests that a potential October rally is starting to be factored in among investors, according to the analyst firm.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/bitcoin-btc-rebounds-today-this-level-must-be-broken-for-major-october-rally-says-analysis-firm/
