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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin’s Shorter-Term Pain Is Long Term Gain? Why BTC Could See Green Days

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Bitcoin BTC BTCUSD

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

At the time of writing, BTC trades at $32,236 with an 8.4% profit daily and a 2.7% loss in the weekly chart.

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

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. Contrary to popular belief, Senior Commodity Strategist for Bloomberg Intelligence, Mike McGlone, believes that the $30,000 support zone exhibits maturation.

As such, he clarified that Bitcoin continues to be in an uptrend supported by bullish signals. In the short term, 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”.

Bitcoin BTC BTCUSD
Source: Mike McGlone Bloomberg Intelligence

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

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 on Tuesday.

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 and $1,750 levels. The firm added:

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

Bitcoin BTC BTCUSD
Source: QCP Capital

“The B Word” Could become an important bullish catalyzer for the markets. However, one of its main participants, Elon Musk, has a “wild card” reputation. In the short term, QCP Capital leans to the bulls’ corner as BTC’s price forming a triple-bottom with a strong bullish divergence 2 days chart, as seen below.

BTC BTCUSD
Source: QCP Capital

If Bitcoin managed to push even further to the top of its current range and reaches $35,000 and $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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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Ad discliamer

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