- QCP Capital, a crypto trading platform, stated that more weak US data could come out this week.
- The crypto trading platform stated that this data could further cement the narrative that the US is in a recession.
- BTC could again moon if Fed acts quickly in a recession, according to QCP Capital.
Cryptocurrency trading platform QCP Capital recently released the market update for April 4, 2023. In one of their recent tweets, QCP stated that Q2 is proving to be the quarter of Altcoins and Airdrops, while Bitcoin is taking a step back.
1/ QCP Market Update – 4 April 23Here’s our market update for todayWhilst we have called the major macro events of the past 3 weeks well, it is a tough time for monetisation, with #BTC and #ETH wedged in such a tight range.— QCP Capital (@QCPCapital) April 4, 2023
QCP stated that the price of BTC had not moved much since March 17, when it touched $27,500. The current situation can be attributed to the significant resistance encountered in both markets. Additionally, BTC and ETH are subject to conflicting narratives at this time, according to QCP.
According to the market report published by QCP, the USD and Bond yields, which are both influential factors for BTC, experienced a significant downward reversal last night after the release of the ISM Manufacturing report. The report highlighted the sharpest contraction since April 2020.
QCP mentioned that they expect more weak US data to come out this week. The platform believed it could potentially cement the recession narrative and that this could be a lasting one, stating:
We previously wrote that BTC as an asset is unproven in a recessionary environment. However, we now add that this is even more so in a stagflationary environment.
According to QCP’s market report, if the Fed acts quickly in a recession, just like they did during the banking crisis last month, the price of Bitcoin can likely moon. At press time, Bitcoin is trading at around $28,500, with a 1.05% spike in value over the last 24 hours.
The post QCP Capital Believes Data Could Come Out Proving US Is in Recession appeared first on Coin Edition.