Bitcoin Option Traders Are Betting On A Price Breakout Ahead Of US Elections: QCP Capital

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	422,908,087,238	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

422,908,087,238

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-1.60	-0.05%	3,516.95	3,516.86	3,516.87

Price Change

Price Change %

Current Price

Bid Price

Offer

-1.60

-0.05%

3,516.95

3,516.86

3,516.87

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,530.01	3,505.57	3,519.55	3,518.55	1,520.85 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

3,530.01

3,505.57

3,519.55

3,518.55

1,520.85 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	04:28:47	0.000473	3,516.86	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

04:28:47

0.000473

3,516.86

USD

Price x Volume	Volume	Base Symbol	Related Pairs
10,721,640.74	3,047.03	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

10,721,640.74

3,047.03

Bitcoin Option Traders Are Betting On A Price Breakout Ahead Of US Elections: QCP Capital

20/07/2024 9:30pm

NEWSBTC

The price of Bitcoin has been on a tear over the past seven days, returning between the $61,000 and $67,000 zone where it spent most of the second quarter. This positive run of form comes despite the FUD (fear, uncertainty, and doubt) due to speculations about Mt. Gox’s customer repayment. Interestingly, recent trading data have led QCP Capital, a prominent trading data, to suggest that Bitcoin might only be warming up for an even bigger price rally. According to the company’s analysts, the premier cryptocurrency looks primed for significant price growth ahead of the United States elections. BTC Price To Reach $100,000 By Year End? Unsurprisingly, the climb of the Bitcoin price from beneath $60,000 to as high as $67,000 in the past week has been one of the hottest topics of discussion amongst investors. Analysts at QCP Capital are amongst the latest set of experts to weigh in on the recent price action of the market leader. Related Reading: Buying ‘Ethereum Beta’ Altcoins Is A Recipe For Disaster, Researcher Finds According to the QCP analysts, the resilient upward movement of the BTC price reflects how the market may have “shaken off” most of its concerns. As a result, the flagship cryptocurrency may be preparing to continue its bull run, having spent the better parts of the last quarter in consolidation. The QCP analysts pointed out in the report that the perpetual funding rate is back to a neutral position, signaling a balanced sentiment amongst traders. For context, the funding rate refers to a periodic payment exchanged between buyers and sellers in perpetual futures contracts. What’s more, QCP capital noted that the Bitcoin spot market could persist within the $61,000 – $67,000 range in the short term, especially with traders holding substantial long positions at the July 26 $67,000 strike. Ultimately, investors appear to be betting big on a price upswing ahead of the United States elections. Additionally, there has been steady and significant institutional interest in December $100,000 calls. This suggests an increasing confidence in the potential of a year-end rally for Bitcoin, especially with the rising odds of a Donald Trump victory in the upcoming elections. It is worth mentioning that the price of Bitcoin spiked following the assassination attempt on the former United States president. This price movement was linked to the increased odds of a win for Donald Trump, who has been a vocal supporter of the premier cryptocurrency in recent months. Bitcoin Price At A Glance As of this writing, the price of Bitcoin continues to hover around $66,660, reflecting an over 5% increase in the past day. According to CoinGecko data, BTC is up by more than 16% in the past week. Related Reading: Injective (INJ) Breaches Key Resistance, Setting Stage For 1,350% Boom — Analyst Featured image from iStock, chart from TradingView

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