After FED Chairman Jerome Powell signaled a rate cut at the Jackson Hole Symposium in September, the Bitcoin price made strong advances, breaking through the $59,000-$62,000 supply zone.
BTC, which rose to $65,000, followed a mixed trend on the first day of the week and is moving sideways at $63,000.
While investors await further upsides to $70,000 and a new ATH, analysts at Singapore-based crypto trading firm QCP Capital expect BTC to continue trading in the $62,000 to $67,000 range in the near-term.
Analysts evaluating the market after Powell's Jackson Hole meeting said that there were intense sales in $ 100,000 BTC calls that will expire in March 2025.
Stating that this situation indicates an upward market sentiment, QCP analysts stated that despite the bullish sentiment, there will not be an explosive rise in the near term.
“Despite higher spot prices, BTC and ETH vols have been trending more toward put options than calls through October.
While the upward movement in price is decisive at this point, volatility shows hesitation in the market. While short-term volatility is decreasing, the BTC spot price is likely to continue to fluctuate in the $62,000 – $67,000 range in the near term.
NVIDIA earnings (Aug. 28) and US PCE (Aug. 30) are due this week, but we don't foresee any major surprises from these risk events.”
*This is not investment advice.