There is a significant stagnation in the crypto market. According to the latest analysis from QCP Capital, Bitcoin is trading sideways in the $116,000 to $120,000 range, while Ethereum has lost around $3,800.
QCP: Signs of Crypto Market Fatigue, Eyes to US Data
Analysts say the fact that prices have not risen significantly despite recent positive news indicates market fatigue.
QCP emphasizes that its third quarter outlook will be particularly dependent on US inflation and employment data. Although market sensitivity to macroeconomic development is increasing, it has been observed that investors are adopting a cautious attitude.
In environments where inflation is high, measures taken by the US Federal Reserve determine the direction of crypto assets.
QCP Capital said Bitcoin holds at a strong support level, but the upward momentum remains weak.
On the Ethereum side, purchasing pressure is weakening and there is room for potential corrections. The basic data highlights that the market must be supported to regain momentum in the short term.
*This is not investment advice.
