Singapore-Based QCP Capital Reports Bitcoin's Range-Bound Movement

IconCryptoNewsTerminal Staff19 Jul, 2024

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Singapore-Based QCP Capital Reports Bitcoin's Range-Bound Movement

Singapore-Based Cryptocurrency Exchange QCP Capital Reports Bitcoin's Range-Bound Movement Singapore-based cryptocurrency exchange QCP Capital analyzed through its official Telegram channel that "Bitcoin has returned to the $61,000-$71,000 box range that it held throughout Q2 this year." It added that "This week has seen some volatility due to Mt. Gox repayment fears and sell-offs in US equities, but perpetual futures funding rates have flipped back to neutral and volumes are decreasing. Spot markets look set to remain range-bound for the time being, but there has been notable option trader buying in the July 26/27 expiry at $67,000. Also of note is the sizeable institutional interest in $100,000 call options expiring at the end of the year despite the recent price weakness in spot markets. This can be interpreted as increased conviction for a year-end rally as the chances of a Trump victory are seen as increasing."

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