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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Rally Was Not ETF-Driven: QCP Reveals Main Reason

Jake Simmons
Jake Simmons
1 year ago
3 mins read
Bitcoin price

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In their latest market update, QCP Capital, a crypto asset trading firm headquartered in Singapore, has dissected the recent Bitcoin price movements, attributing the rally to macroeconomic factors rather than the much-anticipated approval of a spot ETF. To recall, the Bitcoin surged from $34,500 to almost $36,000 on Wednesday.

The Main Reason For The Bitcoin Price Rally

The firm’s technical analysis highlighted that Bitcoin reached the 38.2% Fibonacci retracement level at $35,912 and touched the upper channel trendline before retreating, a move that was keenly observed by market participants.

Bitcoin price
Bitcoin price | Source: QCP

QCP Capital’s report states, “This latest rally, however, was less about spot ETF developments and more about macro forces.” These macro forces were identified following a dovish stance from the Federal Open Market Committee (FOMC) and a smaller than expected Treasury Q1 supply estimate, which led to a significant drop in bond yields. This, in turn, has had a bullish effect on risk assets, including Bitcoin and the broader crypto market.

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However, the firm also had a word of caution, saying, “Whether this marks the start of a new global equity and bond uptrend remains to be seen, as the macro picture essentially remains unchanged, outside a correction of overly bearish bond sentiment.”

The firm also noted the Bitcoin derivatives market, where “perp funding, and term forwards, implied volatility and risk reversals across the curve continue to remain or extend further at extreme elevated levels.” This suggests a market bracing for a significant move, with derivative traders positioned for a potential upside breakout that hinges on the approval of a spot ETF.

Looking at the broader financial landscape, the bond market has been experiencing notable fluctuations. Recently, the 30-year Treasury yield has reached another 16-year high, climbing above 5%. This level of yield has not been seen since 2007, and it represents a rise of over 4 percentage points in just three years. Such movements in the bond market are critical for the Bitcoin and crypto market as they affect the risk sentiment among investors.

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However, Bitcoin is currently following the example of gold as a safe haven asset. ”The market is starting to price in the Fed’s overtightening and weakening economics. Combined with geopolitical tensions + war, the need for QE in the future is increasing rapidly. This is causing insurance assets (Gold, Bitcoin) to absolutely rip in unison,” Carpriole Investment’s Charles Edwards remarked recently.

In summary, QCP Capital’s insights into Bitcoin market dynamics versus current bond market trends suggest that while the Bitcoin market is influenced by a variety of factors, including speculation about exchange-traded fund approval, macroeconomic indicators such as bond yields play a larger role in determining market sentiment and price action than other pundits believe.

At press time, Bitcoin was trading at $34,235 and at risk of breaking out of the established uptrend channel to the downside. If that happens, low price levels could come next.

Bitcoin price
Bitcoin price, 1-day chart | Source: BTCUSD on TradingView.com
Featured image from iStock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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