At the time of writing, BTC is tradingat $ 32,236 with a daily profit of 8.4% and a loss of 2.7% in the weekly chart. BTC pushing high end of daily chart range. Source: BTCUSD Tradingview figcaption>
QCP Capital targets recorded a" roller-coaster "like price action as Bitcoin fell from its current levels below $ 30,000 over the weekend to revert to its previous weekly opening.
This period has seen an increase in Bitcoin inflows to exchange platforms. Contrary to popular belief, Mike McGlone, Senior Raw Materials Strategist for Bloomberg Intelligence, estimates that the $ 30,000 support area shows maturation.
As such, it has clarified that Bitcoin continues to be in an uptrend supported by bullish signals. In the short term, China's crackdown on the crypto industry has affected BTC and could be the main source of selling pressure, but in the long run McGlone term believes that this "confirms the revolutionary value of Bitcoin".
Source: Mike McGlone Bloomberg Intelligence
The above was accompanied by what The market is seen as two bearish events, QCP Capital added. First, Grayscale Bitcoin Trust unlocks 16,240 shares and a large amount of 'put options around the $ 20,000 levels.
On negative funding rates, a move that prompts traders to take long positions, QCP Capital has seen a high degree of selling pressure BTC-based futures contracts. The former said:
Ethereum and Bitcoin show strength amid high selling pressure
A bullish approach on the current price action is the resilience shown by Bitcoin and Ethereum price. QCP Capital has claimed that both cryptocurrencies have "huge " support at the $ 29,500 and $ 1,750 levels The company added:
Source: QCP Capital
"The B Word" Could become an important bullish catalyst for the markets. However, one of its main participants, Elon Musk, has a reputation as a "wild card." In the short term, QCP Capital leans towards the bull's corner as the BTC price forms a triple bottom with a strong <2 day bullish pergence chart as shown below.
Source: QCP Capital
If Bitcoin has managed to push even further to the top of its current range and hit $ 35,000 and $ 36,000, the firm expects a short squeeze beyond that. of the $ 40,000 price point. QCP added the following in its report: