QCP Capital: Bitcoin may continue to fluctuate in the $58,000 to $65,000 range in the short term

QCP Capital said that BTC spot ETFs have seen outflows for four consecutive days, especially BlackRock's IBIT, which saw its first outflow of $13.5 million since May. The lower-than-expected US PCE data increases the likelihood of a rate cut by the Federal Reserve in the fourth quarter. If next week's non-farm payrolls data is weaker than expected, it will confirm the reason for the US to cut interest rates since September, with the current probability of a rate cut of 33.0% (25 basis points) and 67% (50 basis points). Given the limited impact of recent macro news on the crypto market, Bitcoin may continue to fluctuate in the range of $58,000 to $65,000 in the short term, and the market is waiting for positive catalysts to break out of this range.