latest crypto marketupdate from trading firm QCP Capital suggests that
crypto bullshave a tough job ahead of them to push
crypto nowpast $35,000.
crypto latestanalysis indicates that the mid-$30,000 range could be a potential
fed cryptozone for the Bitcoin bull market.
Bitcoin homes in on pot-FTX rally peak
With BTC price stagnating around $30,000, concerns are already mounting that the majority of its gains have already materialized. The crypto market is now focusing on the area between $35,000 and $40,000 to catch a local top, and QCP is one of them.
“Tactically (short-term), our favoured trade to play this is selling end-Sep 33k to 35k calls, and using the premiums to buy 30k puts,” it summarized about its plans for H2 trading. QCP specifically highlighted incoming resistance for the moving average convergence/divergence (MACD) indicator — designed to measure price strength at given levels during a market trend — at $35,000.
“The top-side levels work well as any rally from here would be considered the ending 5th wave from the November FTX lows,” it continued. The latest crypto news also referenced a cooling macroeconomic environment potentially offering few volatility cues for markets.
The United States Federal Reserve remains hawkish, and officials have maintained that further interest rate hikes will come this year despite inflation showing a consistent downtrend. “On the macro side, the Fed looks locked into another hike this month (although this is largely priced by markets), and inflation appears likely to stagnate around 3-4% until year-end, with positive base effects from the oil price decline ending this quarter, and high frequency rent prices turning back up,” it explained.
When it comes to the principal catalyst for BTC price strength over the past month — the potential U.S. approval of the first Bitcoin spot-based exchange-traded fund (ETF) — there is likewise no imminent decision due, QCP added. The crypto now situation is such that the crypto latest news shows that the approval of the ETF is unlikely to come soon.
$30 million Binance ask sparks concerns
Elsewhere in the crypto market, traders were discussing the possibility of a fresh BTC price correction.William Clemente, co-founder of Reflexivity Research, revealed data showing that futures traders were far from universally bullish on Bitcoin.
Keith Alan, co-founder of monitoring resource Material Indicators, said that he was “expecting a pullback” due to the latest crypto now, as a new block of resistance appeared on the Binance order book at $36,000.
“Not sure bulls will make it to $36k, but don’t think this rally is over yet. I could be wrong. Watching charts for clues,” part of commentary stated alongside a chart showing the $30 million ask wall.
Data from Cointelegraph Markets Pro and TradingViewshowed BTC/USD trading near $30,800 at the time of writing.
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