{"id":497816,"date":"2022-08-05T15:12:18","date_gmt":"2022-08-05T15:12:18","guid":{"rendered":"https:\/\/wncen.com\/?p=497816"},"modified":"2024-06-11T11:13:25","modified_gmt":"2024-06-11T11:13:25","slug":"bitcoin-sends-mixed-signals-at-23000-capped-upside-potential","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-sends-mixed-signals-at-23000-capped-upside-potential\/","title":{"rendered":"Bitcoin Sends Mixed Signals At $23,000, Capped Upside Potential?"},"content":{"rendered":"

Bitcoin keeps on moving sideways as the weekend approaches and, with less trading volume on exchange platforms, the cryptocurrency hints at potential losses. BTC\u2019s price has surrendered the gains from the past week but has been able to hold to its current levels as critical support.<\/p>\n

Related Reading: TA \u2013 Polkadot Price Shows Strength, Eyes $10<\/a><\/strong><\/div>\n

At the time of writing, Bitcoin (BTC) trades at $23,000 with sideways movement over the past 24 hours and a 3% loss over the past week. The first cryptocurrency by market cap has been severely outperformed by Binance Coin (BNB) and Polkadot as risk appetite seems to return to the crypto market.<\/p>\n

\"Bitcoin
BTC’s price moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview<\/a><\/figcaption><\/figure>\n

In a recent report<\/a>, trading firm QCP Capital reiterates its position: BTC\u2019s price upside potential will remain capped after a bullish response to last week’s macro-economic events. The firm expects Bitcoin and Ethereum to move sideways during the coming weeks with potential short-lived rallies.<\/p>\n

The latter could be translated into price action based on three bullish macro-economic factors: the U.S. Federal Reserve (Fed) has hinted at a less aggressive monetary policy, inflation might have reached its short-term peak as reflected by the drop in the price of commodities, and the potential upside in legacy markets.<\/p>\n

QCP Capital believes that many market participants in traditional finances took short positions, potentially expecting more losses in the past earnings seasons. These positions are susceptible to a \u201cshort squeeze\u201d, a sudden move to the upside, which could benefit Bitcoin and the crypto market. QCP Capital said<\/a>:<\/p>\n

Post-FOMC (Federal Open Market Committee, last Thursday), the immediate market reaction was a price rally and vol sell-off. BTC rallied to 24,666 high and ETH rallied to 1,793. In vols, BTC frontend dropped to below 70% (from close to 90%) and ETH to 90% handle (from 125%).<\/p><\/blockquote>\n

\"Bitcoin
Source: QCP Capital via Twitter<\/figcaption><\/figure>\n

Can Bitcoin And Ethereum Break Past Mid-Term Obstacles<\/h2>\n

As there is potential for bullish momentum, bears could resume their attacks if the Fed turns more aggressive on its monetary policy. QCP Capital noted that there are \u201cmany\u201d Fed members in disagreement with current market expectations.<\/p>\n

Market participants have been trying to get ahead of the Fed by pricing in their future interest rate hikes. Thus, why some Fed members might want to turn more hawkish and surprise the market with a bigger hike, reduce demand and possibly have a deeper impact on reducing inflation. QCP Capital said:<\/p>\n

We continue to think that markets will trade sideways and will be sensitive to economic data releases. US CPI next Wednesday will be the next important one to watch.<\/p><\/blockquote>\n

The trading firm believes that the upcoming Ethereum \u201cMerge\u201d is the biggest hurdle for future appreciation. This event might open the path for the emergence of ETH fork tokens.<\/p>\n

Related Reading: Crypto Market Trades Sideways As The Inflation Fear Kicks In, What\u2019s Ahead?<\/a><\/strong><\/div>\n

If one of these tokens, the ETH based on Proof-of-Work (PoW), is able to retain market share from the ETH based on Proof-of-Stake, the token could see a \u201csignificant price disruption akin to a stock split or special dividend\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin keeps on moving sideways as the weekend approaches and, with less trading volume on exchange platforms, the cryptocurrency hints at potential losses. BTC\u2019s price has surrendered the gains from the past week but has been able to hold to its current levels as critical support. Related Reading: TA \u2013 Polkadot Price Shows Strength, Eyes $10 At the time of writing, Bitcoin (BTC) trades at $23,000 with sideways movement over the past 24 hours and a 3% loss over the past week. The first cryptocurrency by market cap has been severely outperformed by Binance Coin (BNB) and Polkadot as risk appetite seems to return to the crypto market. In a recent report, trading firm QCP Capital reiterates its position: BTC\u2019s price upside potential will remain capped after a bullish response to last week’s macro-economic events. The firm expects Bitcoin and Ethereum to move sideways during the coming weeks with potential short-lived rallies. The latter could be translated into price action based on three bullish macro-economic factors: the U.S. Federal Reserve (Fed) has hinted at a less aggressive monetary policy, inflation might have reached its short-term peak as reflected by the drop in the price of commodities, and the potential upside in legacy markets. QCP Capital believes that many market participants in traditional finances took short positions, potentially expecting more losses in the past earnings seasons. These positions are susceptible to a \u201cshort squeeze\u201d, a sudden move to the upside, which could benefit Bitcoin and the crypto market. QCP Capital said: Post-FOMC (Federal Open Market Committee, last Thursday), the immediate market reaction was a price rally and vol sell-off. BTC rallied to 24,666 high and ETH rallied to 1,793. In vols, BTC frontend dropped to below 70% (from close to 90%) and ETH to 90% handle (from 125%). Can Bitcoin And Ethereum Break Past Mid-Term Obstacles As there is potential for bullish momentum, bears could resume their attacks if the Fed turns more aggressive on its monetary policy. QCP Capital noted that there are \u201cmany\u201d Fed members in disagreement with current market expectations. Market participants have been trying to get ahead of the Fed by pricing in their future interest rate hikes. Thus, why some Fed members might want to turn more hawkish and surprise the market with a bigger hike, reduce demand and possibly have a deeper impact on reducing inflation. QCP Capital said: We continue to think that markets will trade sideways and will be sensitive to economic data releases. US CPI next Wednesday will be the next important one to watch. The trading firm believes that the upcoming Ethereum \u201cMerge\u201d is the biggest hurdle for future appreciation. This event might open the path for the emergence of ETH fork tokens. Related Reading: Crypto Market Trades Sideways As The Inflation Fear Kicks In, What\u2019s Ahead? If one of these tokens, the ETH based on Proof-of-Work (PoW), is able to retain market share from the ETH based on Proof-of-Stake, the token could see a \u201csignificant price disruption akin to a stock split or special dividend\u201d.<\/p>\n","protected":false},"author":535,"featured_media":496960,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790],"class_list":["post-497816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Sends Mixed Signals At $23,000, Capped Upside Potential?<\/title>\n<meta name=\"description\" content=\"Bitcoin moves sideways as the weekend approaches and, with less trading volume on exchanges, the cryptocurrency hints at potential losses.\" \/>\n<meta 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Sends Mixed Signals At $23,000, Capped Upside Potential?","url":"http:\/\/wncen.com\/news\/bitcoin-sends-mixed-signals-at-23000-capped-upside-potential\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-sends-mixed-signals-at-23000-capped-upside-potential\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/07\/bitcoin-13.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/07\/bitcoin-13.jpeg?fit=1200%2C667"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt"],"dateCreated":"2022-08-05T15:12:18Z","datePublished":"2022-08-05T15:12:18Z","dateModified":"2024-06-11T11:13:25Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Sends Mixed Signals At $23,000, Capped Upside Potential?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-sends-mixed-signals-at-23000-capped-upside-potential\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-sends-mixed-signals-at-23000-capped-upside-potential\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/07\\\/bitcoin-13.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/07\\\/bitcoin-13.jpeg?fit=1200%2C667\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\"],\"dateCreated\":\"2022-08-05T15:12:18Z\",\"datePublished\":\"2022-08-05T15:12:18Z\",\"dateModified\":\"2024-06-11T11:13:25Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/07\/bitcoin-13.jpeg?fit=1200%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/497816","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=497816"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/497816\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/496960"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=497816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=497816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=497816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}