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QCP CapitalQCP Capital2025/02/08 04:55
By:Eileen Ngah

Bitcoin failed to reclaim the $99K resistance level last night, triggering a broad selloff in the market and pushing BTC back to a new daily low of $95.6K. With a three-day losing streak, the outlook for crypto remains uncertain.

The key event last night was the listing of $BERA on Binance, which saw the token rally to a high of $15.50 before stabilizing around $7.60 this morning. The rally drew liquidity away from other altcoins, contributing to last night’s selloff.

Meanwhile, in the latest update on Trump’s efforts to deregulate crypto, the SEC is reportedly downsizing its crypto enforcement unit. This move is expected to facilitate the establishment of a new crypto task force and foster a more constructive relationship between the SEC and the industry.

Additionally, the FDIC is reviewing its bank guidelines to potentially allow U.S. banks to engage in certain crypto activities — such as custody services and “tokenized deposits” — without requiring prior regulatory approval.

As we head into tonight’s non-farm payroll report, market sentiment remains cautious. The desk continues to observe interest in BTC 28FEB25 80K puts and BTC 21FEB25 90K puts, reflecting persistent caution despite the skew still favoring calls.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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