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

QCP Capital's latest analysis points out that by analyzing Bitcoin's historical performance in September, it was found that there have been declines in 6 of the past 7 years, with an average decline of 4.5%. If this pattern is repeated this year, the price of Bitcoin may fall to about $55,000. However, analysts expect $54,000 to become a strong support level, a level that successfully supported prices in July and helped Bitcoin reach $70,000. The report also mentioned that this week's unemployment benefit application data (September 5) and non-farm payrolls report (September 6) may not have a significant impact on cryptocurrency prices, as the impact of recent macroeconomic data on cryptocurrencies has weakened. Despite the short-term market downturn, QCP observed that the options market still shows medium-term bullish signals. The volatility curve is expected to steepen further, while more long option positions are rolled over to March next year. Bitcoin's $120,000 call options expiring on March 28, 2025, added 200 contracts today, bringing open interest to 2,100, showing that investors remain optimistic about the medium-term outlook.