QCP Capital analysts noted increased demand in the options market for $BTC put options with a price range of $55,000 to $58,000 for the end of July.
Analysts also added that risk reversal indicators largely favored put options.
Finally, QCP Capital identified $58,000 and $1,500 as key support levels for Bitcoin and Ethereum, respectively.
The First Bottom Signal for Bitcoin Has Arrived!
Furthermore, CryptoQuant analyst MorenoDV argues that the first bottoming signals are emerging in Bitcoin’s on-chain indicators.
According to the analyst, the first on-chain signal of a potential Bitcoin bottom has been observed. At this point, the analyst noted that the Bitcoin UTXO block profit/loss ratio has fallen to a level that historically coincides with market lows.
However, this doesn’t necessarily mean a bottom has been reached. According to the analyst, a stronger signal for a bottom in Bitcoin needs to emerge, and the 365-day moving average needs to show a much steeper decline. In other words, the current bear market may face further declines and market shocks before it completely ends.
“…The rate has fallen into a region that historically appears during bottom-forming phases. However, this doesn’t mean the bottom has been reached. Bitcoin may need to endure more pain before completely ending its bear market phase…”
*This is not investment advice.
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