Bitcoin (BTC) Price Analysis: Miners Under Pressure to Sell as QCP Capital Predicts Bullish Trajectory

As of 5:45 PM UTC this Sunday, Bitcoin has remained within the $64K range with a temporary dip at the $63K line in the past 24 hours.

Bitcoin price showed a dull performance this past week with a slight dip on Sunday evening. As of 5:45 PM UTC, BTC traded at a range of $64,100 with a temporary drop at the $63K line in the past 24 hours.

During this time, seven-day trading volume fell by 29.04%, with $8.95 billion moving between addresses. The total crypto market cap stood at $2.71 trillion, showing a 0.03% decrease.

Bitcoin is currently 13% away from its all-time high of $73,750.07, reached on March 14. Despite BTC’s lack of major price action and the poor performance of spot Bitcoin exchange-traded funds (ETFs) in the US, analysts at crypto asset trading firm QCP Capital are optimistic about the top cryptocurrency’s market cap for the upcoming week.

According to QCP, بازار مشتقه همچنان در حال فشار آوردن به قیمت بیت کوین در سطوح بالاتر پس از هاوینگ است. شرکت تجزیه و تحلیل زنجیره‌ای متوجه شده است که موجودی بیت کوین ماینرها به پایین‌ترین سطح خود در ۱۴ سال گذشته رسیده است و کل ذخایر از ابتدای سال ۲۰۲۴ بیش از ۵۰,۰۰۰ کاهش یافته است.

The firm also highlighted that Bitcoin is “ spooked by the emergence of a new large pool of supply.”

One key event that contributed to this was the recent sale of around 3K BTC by the German government, bringing its total supply down to 47K BTC.

However, the exchange detected a large selling of calls expiring in a month and aggressive buying of calls for September into December.

Another interesting development this week was MicroStrategy’s latest acquisition of 11,931 BTC, using proceeds from its convertible notes sale and excess funds.

The purchase failed to noticeably revitalize Bitcoin price this week, but it remains a crucial factor to watch.

The tech firm’s purchase brings its total BTC holdings to 226,331, acquired with an aggregate investment of $8.33 billion, which would be valued at $14.485 billion currently.

Moreover, former Bitmex CEO and current Maelstrom CIO Arthur Hayes anticipates an incoming crisis that will propel the positive narrative further.

According to the American entrepreneur, Japanese banks’ potential panic-selling of their bonds will drive Bitcoin to new highs.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-btc-price-analysis-miners-pressure-sell-qcp-capital-predicts-bullish-trajectory.html

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