Bitcoin ( BTC) commenced the week with an optimistic uptick, tapping the $100,000 milestone, as per insights from QCP Capital. The digital currency encounters formidable opposition at this juncture, an area once characterized by intense selling pressure in December.
Bitcoin Taps $100K: QCP Capital Warns of Tough Resistance Ahead
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
From Volatility to Stability: BTC Hits $100K Milestone, QCP Weighs In
On Monday, QCP Capital indicated that the market’s response this time diverges from when BTC initially surpassed the $100,000 threshold on Dec. 5. Funding rates, which previously escalated beyond 60% during that initial breach, now exhibit stability. This steadiness hints at a diminished chance of a short-term squeeze. Moreover, QCP pointed out that volatility is currently restrained, with frontend options displaying a neutral skew, indicative of a balanced market mood.
On Monday morning at 10 a.m., the leading crypto asset once again reached the $100K milestone. In their market update, QCP observed that the cryptocurrency market is devoid of immediate, industry-specific propellants. Political events, such as the inauguration of former President Donald Trump on Jan. 20, are not anticipated to sway the market imminently. This lack of stimuli directs focus towards macroeconomic elements.
QCP highlighted the significance of forthcoming U.S. labor market statistics, especially the Nonfarm Payroll (NFP) report due on Jan. 10. The firm noted that additional metrics, including the Job Openings and Labor Turnover Survey (JOLTS) on Jan. 7 and the ADP employment report on Jan. 8, will mold expectations prior to the Friday disclosure.
While bitcoin surpassing $100,000 garners attention, QCP advised that market players should maintain vigilance. Absent new vigor or triggers, the asset’s capacity to transcend this crucial point remains in doubt.
QCP’s scrutiny illuminates the intricate dance between sector-specific dynamics and overarching economic signals, crucial in sculpting the cryptocurrency market’s path in the immediate future. As of Monday, BTC tapped an intraday high of $101,933 per unit and is now coasting along at $101,826.
