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QCP: If BTC breaks through the $110,000 resistance level, it may trigger a new round of buying
Odaily News QCP Capital released an analysis report stating that as Trumps long-awaited cryptocurrency bill was finally signed into law, the price of Bitcoin remained stable over the long holiday weekend and rebounded to an intraday high of $109,700 in the illiquid trading window on Sunday, setting a record high weekly closing price. Despite the markets unease about the sudden reactivation of eight wallets that had been dormant for 14 years, the price of Bitcoin remained strong. Analysts believe that volatility is still near historical lows, but if Bitcoin breaks through the $110,000 resistance level, it may trigger a new round of buying, and some large institutions seem to be preparing for this. They continue to increase their holdings of $130,000 call options in September, while firmly holding the $115,000/$140,000 call option spread in September, which highlights the structural bullish outlook for the third quarter.
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