El dolor a corto plazo de Bitcoin es una ganancia a largo plazo? Por qué BTC podría ver días verdes

Bitcoin has seen some gains in the past 24 hours as bulls seem to be making a stronger push. sin embargo, funding rates across exchange platforms remain negative indicating a high bearish sentiment, al menos, in the derivatives sector.

En el momento de escribir, BTC cotiza en $32,236 con un 8.4% profit daily and a 2.7% loss in the weekly chart.

BTC pushing into the high of the range in the daily chart. Fuente: Tradingview BTCUSD

QCP Capital has recorded a “roller-coaster” like price action as Bitcoin dropped from its current levels below $30,000 on the weekend only to return to its past weekly open.

This period saw a rise in Bitcoin inflows to exchange platforms. Contrario a la creencia popular, Estratega senior de productos básicos para Bloomberg Intelligence, Mike McGlone, believes that the $30,000 support zone exhibits maturation.

Como tal, he clarified that Bitcoin continues to be in an uptrend supported by bullish signals. A corto plazo, the China crackdown on the crypto industry has affecting BTC and could be the main source of selling pressure, but in the long-term McGlone believes that this “confirms Bitcoin’s revolutionary value”.

Fuente: Mike McGlone Bloomberg Intelligence

The above was accompanied by what the market perceived as two bearish events, QCP Capital added. primero, the Grayscale Bitcoin Trust unlock 16,240 shares and a high amount of put option around the $20,000 niveles.

On the negative funding rates, a metric that incentives traders to take long positions, QCP Capital recorded a high degree of selling pressure from the BTC-based futures. The first said:

Consistent selling in both spot and futures persisted into Monday and Tuesday along with several more large prints in BTC and ETH Dec put options, pushing BTC to a low of 29,301 el martes.

Ethereum And Bitcoin Display Strength Amidst High Selling Pressure

A bullish take on the current price action is the resilience shown by Bitcoin and Ethereum’s price. QCP Capital claimed that both cryptocurrencies have “tremendous” support at the $29,500 y $1,750 niveles. The firm added:

(...) a BTC close around 31,000 today would potentially form a powerful double Demark 9 & 13 buy reversal signal. Adicionalmente, there is a potentially positive event risk tonight (...)

Fuente: QCP Capital

“The B Word” Could become an important bullish catalyzer for the markets. sin embargo, one of its main participants, Elon Musk, has a “wild card” reputation. A corto plazo, QCP Capital leans to the bulls’ corner as BTC’s price forming a triple-bottom with a strong bullish divergence 2 days chart, como se ve a continuación.

Fuente: QCP Capital

If Bitcoin managed to push even further to the top of its current range and reaches $35,000 y $36,000, the firm expects a short squeeze beyond the $40,000 price point. QCP added the following in their report:

The promising bounce off the lows this morning reaffirms our 30-40k range view in the medium-term. Implied vols should continue to trickle down as a result.

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Fuente: Noticiasbtc