Bitcoin Breaks Through $91,000…"Mid-$90,000s Is the Resistance Line"

JOON HYOUNG LEE

Summary

QCP Capital analyzed that Bitcoin (BTC) prices are showing an uptrend and the mid-$90,000s could act as a strong resistance.
QCP Capital said the $80,000–$82,000 range remains the key support, and that the recent price rebound was a technical rebound due to reduced liquidity.
It noted that U.S. Bitcoin spot ETF fund inflows are not yet strong, and that the stock of bitcoin-accumulating firm Strategy has only now approached breakeven.

Bitcoin (BTC) prices could face strong resistance in the mid-$90,000s if the uptrend continues.

According to CoinDesk on the 27th (local time), Singapore-based cryptocurrency trading firm QCP Capital said in a report that "(Bitcoin) supply will limit upside in the mid-$90,000s" and that "the $80,000–$82,000 range remains the key support." QCP Capital analyzed that "the Bitcoin price rebound that began near $80,000 extended to $91,000" and "(however) this was a technical rebound due to reduced liquidity."

Bitcoin prices jumped about 5% in a single day from the $86,000 range to the $91,000 range. QCP Capital pointed out that "U.S. Bitcoin spot ETFs have not yet shown strong fund inflows" and "the stock of bitcoin-accumulating firm Strategy has only now approached breakeven." CoinDesk reported that "QCP Capital's analysis is consistent with the views of other analysts."

Meanwhile, as of 5:09 p.m. that day, Bitcoin was trading on CoinMarketCap at $91,392.39, up 4.18% from the previous day. Compared with a week ago, it is down 0.95%.

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