Bitcoin price is maintaining its position around $62,000 while altcoins are experiencing a downward trend once again. The recent fluctuation in BTC price is attributed to the JOLTS data, which showed that employment remains robust. Despite Chair Powell hinting at easing measures in this area, the data surpassed expectations. So, what are the insights from experts regarding this scenario?

Cryptocurrency Landscape

The month of July initiated with negative impacts from MTGOX reimbursements and government BTC sales. Interestingly, after the bearish trends in June, notable surges were observed in July. As of the current moment, Federal Reserve member Goolsbee expressed confidence in a prompt resolution to inflation. This suggests an anticipation of lower inflation levels even with a resilient employment market. Powell's statements also align with this perspective.

The decline in the primary cryptocurrency's value led to significant losses of over 50% in altcoins, prompting investors to eagerly await a potential recovery phase. Once this reversal commences, it could lead to substantial profit opportunities.

Insights from Crypto Experts

The experts at QCP Capital have demonstrated a keen ability to interpret macroeconomic developments effectively. Thus, it is essential to regularly examine and assess their market forecasts. Just before the release of the JOLTS data, they shared the following insights:

'The current market attention centers on the possible approval of a spot ETH ETF. Although there are rumors of approval by July 2, we perceive the chances of approval this week as minimal.

MTGOX reimbursements are anticipated to start this week, potentially flooding the exchange with up to 140,000 BTC. Due to the unclear specifics of the return program, this pressure is expected to persist in the market.

BTC's support above 60,000 and ETH above 3,300 continues. Despite BTC trading with a 1-month ATM level of 40 volts, indicating low volatility, the spot-forward basis has surprisingly maintained the 9% – 11% range with downward price movements.

Our perspective: Although the fundamental outlook suggests crypto trading within a range, a relatively stable volatility environment with increased base returns presents intriguing opportunities for high convexity plays.'

In their previous assessments, QCP Capital experts noted the emergence of a bottom and predicted a gradual, albeit slow, upward trajectory. This stance remains consistent with their current evaluation.

This article was originally published on COINTURK NEWS: Bitcoin Price Stays at $62,000 While Altcoins Turn Red Again