Bitcoin rally mostly driven by macroeconomic factors rather than ETF narrative, QCP says

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By BitcoinWiki News

Key Takeaways:

– Bitcoin’s recent rally is driven primarily by macroeconomic factors, not expectations of a spot bitcoin ETF approval.
– The rally is influenced by macro forces, such as U.S. Treasury supply estimates and the Federal Reserve’s monetary policy.
– QCP analysts believe that regulatory pressure is the only thing that could push the Bitcoin price below $32,000.
– Weaker-than-expected U.S. payroll data suggests investors see Bitcoin as a hedge against weakening economic conditions.
– The Fed’s rate pause and less hawkish tone support riskier assets and have caused yields to drop.
– Some believe that the rally is still driven by anticipation of a spot ETF approval, while others think it’s driven by macro factors.
– Bitcoin investors are following a “buy the rumor, sell the fact” pattern, waiting for spot ETF approval before selling and locking in profits.
– Bullish sentiment for Bitcoin is increasing, reflected in high open interest in futures and options markets.
– Bitcoin has been trading within a narrow range of $34,000 to $35,000 for about a week.
– This information is provided for informational purposes only and should not be considered as financial advice.


Bitcoin’s recent rally is primarily driven by macroeconomic factors rather than expectations of a spot bitcoin ETF approval, according to a Market Update report by QCP. The report states that the rally is due to factors such as U.S. Treasury supply estimates and the anticipation of the Federal Reserve’s conclusion of its monetary tightening campaign. QCP analysts believe that only fresh regulatory pressure could push the bitcoin price below $32,000. CoinShares Research analyst Max Shannon suggests that weaker-than-expected U.S. payroll data has led investors to view bitcoin as a hedge against weakening economic conditions. The recent rate pause and less hawkish tone from the Federal Reserve also support riskier assets. However, Ryze Labs Managing Partner Matthew Graham believes that the rally is still driven by the anticipation of a spot ETF approval, as several traditional finance companies have supported this view. Bullish sentiment for bitcoin is increasing, with open interest reaching all-time highs in the futures and options market. The price of bitcoin has remained in a narrow range between $34,000 and $35,000 over the past week.

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