September 28, 2023 5:28 pm

Bitcoin analysis suggests possible price stagnation around $35K, according to reports.

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Bitcoin (BTC) bulls face a tough task as they try to push BTC price action past the $35,000 mark, according to a fresh analysis by trading firm QCP Capital. In its latest market update on July 5, QCP Capital identified the mid-$30,000 range as a potential cooling-off point for the ongoing Bitcoin bull market.

With Bitcoin’s price stagnating around $30,000, there is growing concern that most of its gains have already been realized. Market participants are now eyeing the range between $35,000 and $40,000 as a possible local top. QCP Capital is one of those participants seeking to catch the market at this point.

To navigate this situation, QCP Capital plans to sell end-September 33k to 35k calls and use the premiums to buy 30k puts. The firm also highlighted incoming resistance for the moving average convergence/divergence (MACD) indicator at the $35,000 level. This level is considered critical as any rally above it would signify the end of the 5th wave from the November FTX lows. Additionally, QCP Capital sees wedge resistance at the 33-35k level and MACD hitting 3-year triangle resistance.

The update also mentioned a cooling macroeconomic environment that could offer few volatility cues for the markets. The US Federal Reserve remains hawkish and has indicated that further interest rate hikes will occur this year, despite inflation showing a consistent downtrend. QCP Capital explained that while falling inflation has excited the market, the Fed’s focus on its 2% inflation target means it might not be enough for rate cuts.

In terms of the main catalyst for BTC price strength over the past month, which is the potential approval of the first Bitcoin spot-based exchange-traded fund (ETF) in the US, QCP Capital noted that there is no imminent decision. Traders have raised concerns about a potential BTC price correction, with data showing that futures traders are not universally bullish on Bitcoin.

Keith Alan, a co-founder of monitoring resource Material Indicators, mentioned a new block of resistance on the Binance order book at $36,000 and expressed expectations of a pullback. However, Alan also stated that he doesn’t believe the rally is over yet and is closely watching the charts for clues.

As of the time of writing, BTC/USD was trading near $30,800, according to data from Cointelegraph Markets Pro and TradingView. It remains to be seen whether Bitcoin bulls will be able to overcome the $35,000 hurdle and continue the bull market.

The article concludes by reminding readers that it does not provide investment advice or recommendations, and that every investment and trading move carries risks that individuals should research and consider before making decisions.

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Original Source: Bitcoin analysis suggests possible price stagnation around $35K, according to reports.

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