BTC price relatively strong and altcoins have paused their rise. We have now come to the end of August. After the data to come this week, it will be shaped how cryptocurrencies will start in September. Balancing their monthly losses BTC Continuing closing at higher levels is motivating.
QCP Analysts Comment
We have had very active days this month and there has still not been a big increase as expected. Despite the BTC price normalizing above $60,000, profit taking at $65,000 and low volumes are signs of weakness. QCP Analysts wrote the following in his latest market assessment; A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
“Post-Jackson Hole, our desk saw aggressive Call Spread buying, but also heavy call selling of around 100k through March 2025. Does this mean the market is bullish but not expecting a breakout move very soon?
Even with higher spot, BTC and ETH volumes are currently more skewed towards Puts than Buys going into October. This is surprising given the overwhelming bullish sentiment. It likely indicates that the market is well positioned for this move and is very quick to take profits by selling calls.
While the price rally is decisive, volumes are showing hesitation in the market. As front-end volumes decline, BTC price is likely to continue trading in the 62k-67k range in the near-term.
– NVIDIA earnings (Aug. 28) and US PCE (Aug. 30) are due this week, but we don’t expect any major surprises from these risk events.
“The trend is your friend. Some bullish trades for Q4 may make sense.”
Bitcoin (BTC)
Selling concentrated above $64,380 BTC price here shows strong profit appetite. Although the market is hopeful for the last quarter, the consolidation process that has been going on for almost two quarters has significantly undermined investors’ risk appetite. On the other hand, polls on the November elections Trump disappointing for.
If the resistance can be overcome, $68,500 can be tested. This will bring double-digit gains for altcoins in the short term. However, the safe level has not been regained yet.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
