QCP Capital: Bitcoin will hold the $60,000 support level as selling pressure eases and ETFs achieve net inflows

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ODAILY
07-01
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Odaily Odaily News QCP Capital said in its latest market analysis report that although the US government transferred 3,940 bitcoins to Coinbase Prime after obtaining liquidation approval, Bitcoin still held the support level of $60,000. Analysts believe that the support level of $60,000 will continue to be solid, mainly based on the following two reasons: 1. The German government is slowing down the speed of sending bitcoins to exchanges. Only 250 bitcoins were sent yesterday. This change may suggest that the current selling phase is nearing its end; 2. After 7 consecutive days of capital outflows, the Bitcoin spot ETF finally achieved a net inflow of $52.4 million in the past two trading days. With the reduction of selling pressure and the ETF inflow turning positive, the market may have largely digested the impact of Mt.Gox selling pressure, and now is the right time to gradually accumulate Bitcoin.

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