Bitcoin Correction May Spark Fresh Rally

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A correction to $110K could provide Bitcoin’s rally with needed consolidation, QCP said in its latest update.

Bitcoin’s rally took a brief pause after breaching the $120,000 mark. What followed were profit-taking flows that capped the momentum built over the past week. The asset eventually found a local bottom at $116,000, where bids re-emerged to support the price.

However, QCP Capital believes that another pullback toward $110,000 may provide a more stable foundation for the current rally to consolidate.

Bitcoin Needs a Breather
In its market update, QCP Capital noted that the latest market correction coincides with a “seasonal slowdown” in trading activity as the summer holidays approach, while US equities drift sideways, which points to exhaustion after a solid run since early July.

    

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