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.

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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.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.