QCP Capital: Bitcoin has tested the bottom of the 200-day moving average and price range, it may rebound in the short term

Singaporean cryptocurrency investment firm QCP Capital stated that the price of Bitcoin once fell below $58,500, which is where the 200-day EMA and bottom of the price range are located. It then rebounded to $61,500. The institution believes that the market will continue to face selling pressure, mainly because it is digesting the impact of 140,000 Bitcoins on the market and its prices. At the same time, considering that existing creditors of Mt.Gox may not have hedged due to high costs associated with holding perpetual contracts and option positions for a long period of time, this further increases market uncertainty.

QCP Capital said: "The spot price has already tested both 200-day EMA and bottom of price range. We expect a short-term rebound; considering potential Ethereum ETF in July any decline should be seen as buying opportunity. We still prefer an accumulation strategy."