Bitcoin‘s price remains relatively robust as August concludes, though altcoins have halted their upward trajectory. The upcoming week’s data will determine how cryptocurrencies start September. Recent higher closing levels for BTC, balancing its monthly losses, are providing motivation to the market.
QCP Analysts Share Insights
This month has been eventful, yet a significant price surge remains elusive. BTC normalized above $60,000 but faced profit-taking at $65,000, with low trading volumes signaling market weakness. QCP analysts observed aggressive call spread purchases post-Jackson Hole, coupled with substantial call sales around the $100k mark until March 2025, suggesting bullish sentiment without an imminent breakout.
What Do Market Volumes Indicate?
Despite higher spot prices for BTC and ETH, trading volumes are skewed towards sales over purchases until October. This divergence, despite prevailing bullish sentiment, indicates a market prepared for upward moves but quick to secure profits through call sales. Consequently, BTC is expected to trade within a $62k-$67k range in the short term. Additionally, NVIDIA earnings and US PCE data releases are anticipated this week, though no major surprises are expected from these events.
Key Market Inferences
- Sales above $64,380 suggest strong profit-taking at these levels.
- Persistent consolidation over two quarters has reduced investors‘ risk appetite.
- Breaking resistance at $68,500 could lead to significant short-term gains for altcoins.
- The market’s cautious stance suggests a preference for secured profits over speculative gains.
In conclusion, while the BTC market shows signs of stabilization, it remains cautious. Upcoming data and market reactions will be crucial in shaping cryptocurrency trends as September begins.
