{"id":2426,"date":"2024-08-31T00:30:07","date_gmt":"2024-08-31T00:30:07","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=2426"},"modified":"2024-08-31T00:30:07","modified_gmt":"2024-08-31T00:30:07","slug":"how-will-the-us-upcoming-fed-rate-cut-impact-bitcoin-qcp-analysts-weigh-in","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=2426","title":{"rendered":"How Will The US Upcoming Fed Rate Cut Impact Bitcoin? QCP Analysts Weigh In"},"content":{"rendered":"

As the United States Federal rate cut is fast approaching, analysts at QCP Capital, a global digital asset trading firm and market maker has now shared their prediction<\/a> on how this development could impact Bitcoin price.<\/p>\n

According to the analysts, the upcoming U.S. non-farm payroll report and Friday\u2019s GDP data will play crucial roles in shaping Bitcoin market sentiment<\/a>.<\/p>\n

Notably, these economic indicators are expected to offer greater clarity on whether the Federal Reserve will commence a rate-cutting cycle in its next Federal Open Market Committee (FOMC) meeting on September 18.<\/p>\n

Economic Data To Influence Bitcoin\u2019s Market Movements<\/h2>\n

The QCP analysts has revealed that the anticipation of these events has led to cautious positioning among market participants, therefore this signals a potential \u201csubdued volatility\u201d for Bitcoin in the near term.<\/p>\n

Scheduled for release by September 6, the United States non-farm payrolls report is one the major economic metric that could very well influence the Federal Reserve\u2019s interest rate decisions<\/a>.<\/p>\n

The previous report earlier this month showed a rise in the US unemployment rate from 4.1% to 4.3%<\/a>, which triggered a noticeable plunge in the global financial market. Notably, this increase raised concerns that the Fed might be falling behind in its efforts to adjust rates accordingly.<\/p>\n

In addition to the payroll data, today\u2019s upcoming US GDP report could also affect Bitcoin\u2019s price performance, although QCP Capital analysts believe its impact on the cryptocurrency market may be limited. The analysts noted:<\/p>\n

Tonight\u2019s US GDP report is likely to be a non-event for crypto, especially if it reinforces the ongoing narrative of a slowing US economy.<\/p>\n

Bitcoin Market Performance And Price Action Outlook<\/h2>\n

Amid these upcoming economic developments, Bitcoin has returned to a bearish trend after briefly recovering to over $61,000<\/a> yesterday.<\/p>\n

Currently, Bitcoin is trading at $58,285, marking a 4.3% decline in the past 24 hours. This drop has prompted various market analysts to offer their updated insights<\/a> on the asset\u2019s short-term prospects.<\/p>\n

For instance, Elja Boom, a well-known crypto analyst on X, commented on the ongoing consolidation, stating<\/a>:<\/p>\n

No signs of breakout yet. Consolidation could happen till October before breakout. I\u2019m confident of a breakout in Q4 but before that, there\u2019ll be some more choppiness.<\/p>\n

Meanwhile, another analyst, known as \u2018Titan of Crypto\u2019 on X, provided<\/a> a short-term update, highlighting a key resistance level. The analyst highlighted the $59,600 price mark as a major level for Bitcoin.<\/p>\n

According to the analyst, should Bitcoin reclaim this price levels and breaks through the cloud twist, \u201cthe clouds would flip from resistance to support<\/a>\u201d and this might just result in a major rally to the upside for Bitcoin.<\/p>\n

#Bitcoin<\/a> Short Term Update <\/p>\n

If #BTC<\/a> reclaims $59,600 and breaks through the cloud twist, the clouds would flip from resistance to support.<\/p>\n

This might trigger an upward move. pic.twitter.com\/1XdS3zeBCZ<\/a><\/p>\n

\u2014 Titan of Crypto (@Washigorira) August 30, 2024<\/a><\/p>\n

Featured image created with DALL-E, Chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":"

As the United States Federal rate cut is fast approaching, analysts at QCP Capital, a global digital asset trading firm and market maker has now shared their prediction on how this development could impact Bitcoin price. According to the analysts, the upcoming U.S. non-farm payroll report and Friday\u2019s GDP data will play crucial roles in […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2426","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2426"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2426"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2426\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}