Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
QCP: BTC and ETH bearish bias continues to rise, elections may see a resurgence of “good news is all gone”

QCP: BTC and ETH bearish bias continues to rise, elections may see a resurgence of “good news is all gone”

CointimeCointime2024/11/02 10:44
By:Cointime

QCP released a weekend summary stating that Thursday's core PCE data was slightly higher than expected (actual YoY growth of 2.7%, expected 2.6%). In contrast, Friday's non-farm payroll data (NFP) was unexpectedly lower than expected (actual 12,000, expected 110,000), causing the US Dollar Index (DXY) to rebound and return to the 104 level.

Bitcoin hit a historical high on Tuesday night, trading as high as 73.6k, driven by expectations for the election week. Despite Bitcoin's outstanding performance this week, Ethereum has been relatively flat and has failed to break through the 2.7k mark. Against the backdrop of strong ETF fund inflows, Bitcoin's net inflows this week exceeded $2.1 billion.

Despite Bitcoin falling below $69,000 on Friday, we still see strong interest in the market, with total open positions for BTC futures and BTC options remaining at high levels of $40.65 billion and $25.3 billion, respectively. In the upcoming election week, the short-term implied volatility of BTC and ETH is still higher than the 72 volatility, and as traders increase their downside protection, the skewness of put options is constantly rising.

Although Trump is considered a popular candidate for the next US president, his chances of winning on Polymarket have fallen from a high of 66% to 57%, with Harris' support at 43%. Regardless of the outcome, we believe that the election will see a "good news" market, similar to what happened after the Nashville Bitcoin Conference.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

BlockDAG Breaks Out with $303M Presale & 10,000x Potential While Avalanche Stalls and Arbitrum Fails to Break Resistance

Compare BlockDAG's $303M rise, uncover AVAX's price delay, and analyze ARB's resistance zone. Track key shifts in crypto and see why BlockDAG leads this waveARB Price Rises Yet Lacks Breakout SignalAVAX Price Stuck Despite Rising ActivityBlockDAG’s Hybrid Tech and Global Reach Fuel $20 ProjectionSumming Up!

Coinomedia2025/06/15 02:24
BlockDAG Breaks Out with $303M Presale & 10,000x Potential While Avalanche Stalls and Arbitrum Fails to Break Resistance

Kaspa Price Prediction 2026: Can It Hit $0.66 Before Qubetics Launches Its Mainnet?

Kaspa eyes $0.66 by 2026 with bullish momentum, while Qubetics leads Web3 interoperability with a $18M presale. Discover why both are 2025's top blockchain plays.Price Floors and Bullish Reversals: The Technical Side of Kaspa’s 2026 PathLayer-1 Competition and What Sets Kaspa ApartQubetics’ Cross-Chain Vision May Redefine Interoperability in 2026The Bottom Line: A Tale of Two Blockchain Strategies

Coinomedia2025/06/15 02:24
Kaspa Price Prediction 2026: Can It Hit $0.66 Before Qubetics Launches Its Mainnet?