QCP Capital: Bitcoin may have strong support at $54,000, the options market still shows mid-term bullish signals

QCP Capital's latest analysis indicates that by analyzing Bitcoin's performance in September, it was found that there were declines in 6 out of the past 7 years, with an average drop of 4.5%. If this pattern repeats this year, the price of Bitcoin could fall to around $55,000. However, analysts predict that $54,000 will serve as a strong support level which successfully bolstered prices and helped push Bitcoin to touch $70,000 in July. The report also mentioned that this week's unemployment relief application data (September 5) and non-farm employment reports (September 6) are unlikely to have a significant impact on cryptocurrency prices because recent macroeconomic data has had less influence on cryptocurrencies. Despite short-term market downturns, QCP observed bullish signals still being displayed in the options market. The volatility curve is expected to steepen further while more long positions are rolled over until March next year. Today saw an increase of 200 contracts for call options expiring on March 28th ,2025 with a strike price at $120,000; open interest reached up to 2,100 contracts showing investors remain optimistic about medium-term prospects.