QCP Capital Eyes ‘Uptober’ Rally for Bitcoin if Key This Level Support Holds

QCP Capital analysts continue to hope for a bullish rally through Uptober, which they say depends on Bitcoin holding important support.

Analysts at QCP Capital are optimistic about a potential rally through “Uptober“, provided Bitcoin maintains its position above the critical $60,000 support level.

They noted:

U.S. equity indices have rallied, with the S&P 500 reaching a new high, though this enthusiasm has not yet spilled over into the cryptocurrency market.

Nevertheless, we remain hopeful for an “Uptober” rally as long as the $60,000 support holds.

As of early trading Friday, the Dow Jones industrial average was up 0.5% and the S&P 500 was up 0.3%. The price of Bitcoin rose 2%, hovering above $62,000, and the global market capitalization of cryptocurrencies reached $2.27 trillion, reflecting a 1% increase over the past 24 hours.

The equity market gains followed mixed Producer Price Index (PPI) data that continues to support expectations of a 25 basis point rate cut by the Federal Reserve in November. The CME tool indicates an 85.9% probability of such a cut at the next Federal Open Market Operations Committee meeting.