QCP: The cryptocurrency market stabilizes and rebounds, BTC needs to break 115K to confirm the upward trend

ChainCatcher news, the QCP briefing indicates that the cryptocurrency market has begun to stabilize after a significant pullback last week, with Bitcoin and Ethereum recovering to levels of $112,000 and $4,100, respectively. Despite large-scale redemptions of ETFs, the market has shown strong resilience.

Optimism in the perpetual contract market has reignited, with leveraged long positions returning to the market. The open interest in perpetual contracts has risen from $42.8 billion to $43.6 billion, and the funding rate for BTC perpetual contracts remains positive. Analysts point out that while market conditions support the upcoming "Uptober" rally, Bitcoin still needs to break through $115,000 to confirm a new upward trend. The options market shows that traders are gradually rebuilding confidence, with the put skew returning to normal levels.