{"id":637644,"date":"2024-08-25T08:30:39","date_gmt":"2024-08-25T08:30:39","guid":{"rendered":"https:\/\/ktsl888.com\/?p=637644"},"modified":"2024-08-25T06:49:49","modified_gmt":"2024-08-25T06:49:49","slug":"bitcoin-price-to-chop-around-this-range-until-q4-analysts-say","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-price-to-chop-around-this-range-until-q4-analysts-say\/","title":{"rendered":"Bitcoin Price To ‘Chop’ Around This Range Until Q4, Analysts Say"},"content":{"rendered":"

The Bitcoin price rally triggered by Federal Reserve<\/a> chairman Jerome Powell\u2019s latest speech has been the major talking point in the crypto community this weekend. Analysts at trading firm QCP Capital are amongst the latest entities to weigh in on BTC\u2019s return to within the $61,000 and $70,000 consolidation range.<\/span><\/p>\n

How Interest Rate Cuts Could Affect The Bitcoin Market<\/strong><\/h2>\n

In its latest report, QCP Capital reacted<\/a> to the Bitcoin price rallying on the back of the Fed’s announcement of a potential cycle of lower interest rates. Based on on-chain data, this price surge was primarily triggered by spot Bitcoin demand rather than through futures or other derivatives.<\/span><\/p>\n

According to QCP, the funding rates, which indicate the cost of holding long positions in the futures market, remained flat during the rally. The trading firm mentioned, however, that if the Bitcoin price maintains support at $62,000, a rise in leveraged long positions is expected, especially as the end of the summer holidays approaches.<\/span><\/p>\n

Related Reading: Bitcoin Price Surges Above $64,000 \u2014 Here\u2019s The Resistance Level To Watch<\/a><\/div>\n

Furthermore, the QCP report shows a significant increase in bullish calls in the options market, particularly around the $62,500 \u2013 $63,000 strike prices, just before Powell\u2019s speech at Jackson Hole. The trading firm added:<\/span><\/p>\n

Even on the backend, bulls continue to pile on to their long bets in Dec and Mar (80k to 85k strikes).<\/span><\/p><\/blockquote>\n

Powell confirmed that the Fed will slash interest rates in the next month. QCP analysts revealed that a 25 basis point (bp) cut could be potentially bullish<\/a> for the Bitcoin price, suggesting that the Federal Reserve is taking a cautious approach towards the economy. Meanwhile, a 50bp cut could indicate the Fed \u201ctaking acute action to prevent the economy from falling flat.\u201d<\/span><\/p>\n

While selling pressure has waned and steady capital has flowed into the spot exchange-traded funds (ETFs) over the past two weeks, QCP analysts still believe that the Bitcoin price will continue to consolidate within the $61,000 and $70,000 until 2024 fourth quarter. \u201cWe maintain the view that the US elections accompanied with bullish seasonality could be the catalyst for all-time-highs,\u201d the analysts said.<\/span><\/p>\n

Bitcoin Price At A Glance<\/strong><\/h2>\n

As of this writing, the price of BTC<\/a> stands at around $64,250, reflecting a bare 0.5% increase in the past 24 hours. According to data from CoinGecko, the premier cryptocurrency has increased in value by more than 8% in the past week.<\/span><\/p>\n

Related Reading: Solana Eyes Price Surge To $220: Breaking Through This Resistance Is The Key<\/a><\/div>\n
\"Bitcoin
The price of Bitcoin continues to hover around the $64,000 mark on the daily timeframe | Source: BTCUSDT chart on TradingView<\/a><\/figcaption><\/figure>\n
Featured image from iStock, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin price rally triggered by Federal Reserve chairman Jerome Powell\u2019s latest speech has been the major talking point in the crypto community this weekend. Analysts at trading firm QCP Capital are amongst the latest entities to weigh in on BTC\u2019s return to within the $61,000 and $70,000 consolidation range. How Interest Rate Cuts Could Affect The Bitcoin Market In its latest report, QCP Capital reacted to the Bitcoin price rallying on the back of the Fed’s announcement of a potential cycle of lower interest rates. Based on on-chain data, this price surge was primarily triggered by spot Bitcoin demand rather than through futures or other derivatives. According to QCP, the funding rates, which indicate the cost of holding long positions in the futures market, remained flat during the rally. The trading firm mentioned, however, that if the Bitcoin price maintains support at $62,000, a rise in leveraged long positions is expected, especially as the end of the summer holidays approaches. Related Reading: Bitcoin Price Surges Above $64,000 \u2014 Here\u2019s The Resistance Level To Watch Furthermore, the QCP report shows a significant increase in bullish calls in the options market, particularly around the $62,500 \u2013 $63,000 strike prices, just before Powell\u2019s speech at Jackson Hole. The trading firm added: Even on the backend, bulls continue to pile on to their long bets in Dec and Mar (80k to 85k strikes). Powell confirmed that the Fed will slash interest rates in the next month. QCP analysts revealed that a 25 basis point (bp) cut could be potentially bullish for the Bitcoin price, suggesting that the Federal Reserve is taking a cautious approach towards the economy. Meanwhile, a 50bp cut could indicate the Fed \u201ctaking acute action to prevent the economy from falling flat.\u201d While selling pressure has waned and steady capital has flowed into the spot exchange-traded funds (ETFs) over the past two weeks, QCP analysts still believe that the Bitcoin price will continue to consolidate within the $61,000 and $70,000 until 2024 fourth quarter. \u201cWe maintain the view that the US elections accompanied with bullish seasonality could be the catalyst for all-time-highs,\u201d the analysts said. Bitcoin Price At A Glance As of this writing, the price of BTC stands at around $64,250, reflecting a bare 0.5% increase in the past 24 hours. According to data from CoinGecko, the premier cryptocurrency has increased in value by more than 8% in the past week. Related Reading: Solana Eyes Price Surge To $220: Breaking Through This Resistance Is The Key Featured image from iStock, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":569407,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,679,1119,1122,78790,89793],"class_list":["post-637644","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusdt","tag-qcp"],"acf":[],"yoast_head":"\nBitcoin Price To 'Chop' Around This Range Until Q4, Analysts Say<\/title>\n<meta name=\"description\" content=\"The Bitcoin price rally triggered by Fed chair Jerome Powell\u2019s speech has been the major talking point in the crypto community. 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Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.","sameAs":["https:\/\/www.linkedin.com\/in\/opeyemi-sule-027bb5227","https:\/\/x.com\/https:\/\/twitter.com\/fwOpeyemi"],"url":"https:\/\/ktsl888.com\/author\/oluwatosino\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price To ‘Chop’ Around This Range Until Q4, Analysts Say","url":"http:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-price-to-chop-around-this-range-until-q4-analysts-say\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-price-to-chop-around-this-range-until-q4-analysts-say\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/01\/iStock-501851154.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/01\/iStock-501851154.jpeg?fit=1335%2C785"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Opeyemi Sule"}],"creator":["Opeyemi Sule"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btc","btc price","btcusdt","qcp"],"dateCreated":"2024-08-25T08:30:39Z","datePublished":"2024-08-25T08:30:39Z","dateModified":"2024-08-25T08:30:39Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price To ‘Chop’ Around This Range Until Q4, Analysts Say\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/bitcoin-price-to-chop-around-this-range-until-q4-analysts-say\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/bitcoin-price-to-chop-around-this-range-until-q4-analysts-say\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/iStock-501851154.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/iStock-501851154.jpeg?fit=1335%2C785\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Opeyemi Sule\"}],\"creator\":[\"Opeyemi Sule\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btc\",\"btc price\",\"btcusdt\",\"qcp\"],\"dateCreated\":\"2024-08-25T08:30:39Z\",\"datePublished\":\"2024-08-25T08:30:39Z\",\"dateModified\":\"2024-08-25T08:30:39Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/01\/iStock-501851154.jpeg?fit=1335%2C785","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/637644"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/590"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=637644"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/637644\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/569407"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=637644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=637644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=637644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}