QCP Capital: The liquidation clusters for BTC and ETH are skewed towards the top, which may trigger a short squeeze

ChainCatcher news, Singaporean crypto investment firm QCP Capital stated on social media that BTC has fallen below the $60,000 support level under heavy pressure, reaching a low of $57,875. BTC miners are showing signs of capitulation, which historically often indicates a price bottom.

Despite the severe sell-off in the crypto market, the options market shows strong bullish sentiment for ETH, especially for ETH options expiring in September and December.

QCP Capital noted that the liquidation clusters for BTC and ETH are skewed towards the top, which could trigger a short squeeze, and with the S-1 form approval approaching, if approved, it may lead to a strong rebound for ETH.