QCP Capital: Bitcoin has strong support at $54,000, and the options market still shows mid-term bullish signals

ChainCatcher news, QCP Capital's latest analysis indicates that by examining Bitcoin's historical performance in September, it was found that there were declines in 6 out of the past 7 years, with an average drop of 4.5%. If this pattern repeats this year, the Bitcoin price could fall to around $55,000. However, analysts expect that $54,000 will become a strong support level, as this level successfully supported the price in July and helped Bitcoin reach $70,000.

The report also mentioned that this week's unemployment claims data (September 5) and non-farm payroll report (September 6) may not have a significant impact on cryptocurrency prices, as the influence of recent macroeconomic data on cryptocurrencies has weakened.

Despite the short-term market slump, QCP observed that the options market still shows mid-term bullish signals. The volatility curve is expected to steepen further, while more bullish options positions are being rolled over to March next year. The call options for Bitcoin expiring on March 28, 2025, with a strike price of $120,000, increased by 200 contracts today, bringing the open interest to 2,100 contracts, indicating that investors remain optimistic about the mid-term outlook.