Bitcoin is Having a Super Week: Analysis Company Lists Short-Term Expectations for BTC Price!
The upward momentum that recently propelled Bitcoin above $76,000 has weakened.
After its rapid rise, BTC has fallen back to the $72,000 level, and Singapore-based analytics company QCP Capital has published its latest analysis.
QCP Capital stated that Bitcoin is trading in a narrow range of around $73,000-$74,000 amid macroeconomic and geopolitical uncertainty stemming from the US-Iran conflict.
At this point, QCP Capital argued that Bitcoin lacked the upward momentum to surpass the local peaks seen after the recent surge.
On-chain fund flows indicate buying pressure at the lower end of the range, but spot trading volume remains low.
According to analysts, while Bitcoin and the cryptocurrency market are under pressure due to this data, losses are relatively limited compared to declines in other macro-sensitive risk assets.
Options markets, on the other hand, are maintaining a stable but defensive approach.
Analysts note that the 30-day implied volatility (IV) remains around 50% (above the realized volatility), supporting option sellers.
From a macroeconomic perspective, this is proving to be a super week for central banks.
The Federal Reserve announced its March decision today, followed by the European Central Bank (ECB), the Bank of Japan (BOJ), and the Bank of England (BOE) on Thursday.
As interest rate decisions are awaited, oil prices approaching $100 per barrel have significantly reduced market expectations of Fed easing, thereby complicating the issue of rate cuts.
According to analysts, this means the same thing for cryptocurrencies: the interest rate environment is becoming less supportive, not more.
In the current environment, Bitcoin is not only treated as a high-beta risk asset, but it is also not yet considered a stable safe-haven asset.
For these reasons, according to QCP, Bitcoin is likely to consolidate around $74,000 for now, until the Fed’s policy path or the geopolitical landscape becomes clearer.
*This is not investment advice.
