TechFlow News — QCP Capital noted that the crypto market is currently under pressure from the following factors:
- Better-than-expected U.S. non-farm payrolls data has driven up U.S. Treasury yields, removing market expectations for rate cuts in July and September.
- French President Macron’s call for snap elections triggered a sharp drop in the euro against the dollar, strengthening the dollar and fueling risk-off sentiment.
- Markets are cautious ahead of the Consumer Price Index (CPI) release and the FOMC meeting, which will include the dot plot revealing the Fed's rate-cut projections.
- Bitcoin ETFs saw $64 million in outflows yesterday, likely reflecting traders reducing exposure before key events.
Despite these near-term headwinds, QCP Capital views this as a good opportunity to accumulate cryptocurrencies. Positive catalysts include the upcoming launch of ETH spot ETFs and escalating rhetoric between Biden and Trump vying for support from the crypto-voting bloc.
The firm recommends buying Bitcoin spot at $58,000—representing a 13% discount—when the spot price falls below $74,000.
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