Bitcoin (BTC) has surged past $90,000 this week, marking a milestone after experiencing a significant downturn last week. While some expect further price growth spurred by potential interest rate cuts in December, a key question remains: Will this rally continue? 📈
Analysis firm QCP Capital, based in Singapore, highlights potential roadblocks for Bitcoin’s upward trajectory. They suggest that resistance may form around the mid-$90,000 range if the bullish momentum persists.
The firm attributes Bitcoin’s current surge to a technical recovery driven by shrinking liquidity. QCP Capital identifies the $80,000-$82,000 zone as crucial support, but expresses cautiousness about the lack of significant institutional demand for Bitcoin.
They further point out that the absence of substantial inflows into US spot Bitcoin ETFs and a potential looming loss-making situation for Bitcoin holder Strategy, along with scrutiny from the MSCI index, raises concerns.
QCP Capital also suggests that weakening momentum in the AI sector, driven by factors like rising credit risk and NVIDIA’s growing accounts receivable and inventory, could impact the broader market rally that has propelled Bitcoin’s recent price rise.
It’s crucial to remember this is for informational purposes only and does not constitute investment advice.
Read More: Bitcoin Surpasses $90,000, But a Major Obstacle Faces the Rise! Analysis Firm Explains!