QCP said the crypto market has started the week without a clear direction, with traders now watching several macro events for clues on the rate path and broader risk appetite. The firm pointed to Tuesday’s U.S. Consumer Price Index reading and testimony by Federal Reserve Chair Warsh before Congress as the key near-term signals. At the same time, the U.S. second-quarter earnings season is set to begin with major banks. QCP said institutional adoption and ETF demand are still providing support for the crypto market. Even so, it added that Bitcoin may remain stuck in a range in the short term until a clearer macro catalyst emerges. The note frames this week as one driven less by crypto-specific developments and more by incoming economic data, central bank communication and early corporate earnings, all of which could affect sentiment across risk assets.
Macro events take center stage this week
According to BlockBeats, QCP said on July 13 that the crypto market began the week without a clear direction. The firm said traders are watching Tuesday’s U.S. CPI data and Federal Reserve Chair Warsh’s testimony before Congress for signals on the rate path.
The U.S. Q2 earnings season is also set to open with major banks. QCP said institutional adoption and ETF demand continue to support the crypto market, but BTC may keep trading in a range until a clearer macro catalyst appears.
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