QCP Capital said Bitcoin has broken out of the $82,500-$85,700 consolidation range seen over the past week and briefly climbed to $86,913, marking a 14.6% rebound from its Sept. 15 low. The firm said the move appears to be driven more by spot buying than leverage, pointing to an annualized funding rate of about 5.4% in BTC perpetual futures. It also noted that U.S. spot Bitcoin ETFs recorded inflows of roughly $3.5 billion in August and $2.6 billion in September. In the options market, clients have cumulatively sold more than 4,000 $90,000 call options expiring on Oct. 30, with notional value of about $346 million, and shifted into buying calls at the same strike for Nov. 27 expiry. QCP sees $82,500 as current support, while $87,400, the September high, stands as a major resistance level on the path toward $90,000.
QCP Capital said Bitcoin has broken above the $82,500 to $85,700 consolidation range that held over the past week, briefly reaching $86,913. That puts BTC up 14.6% from its Sept. 15 low.
The firm said the latest advance appears to be driven more by spot flows than by leverage. It pointed to an annualized funding rate of about 5.4% in BTC perpetual futures.
On the flow side, U.S. spot BTC ETFs saw roughly $3.5 billion in inflows in August and about $2.6 billion in September.
In options, clients have cumulatively sold more than 4,000 $90,000 calls expiring on Oct. 30, with notional value of about $346 million, and rotated into buying Nov. 27 calls at the same strike.
QCP sees $82,500 as the current support level. It identified $87,400 as the September high and a key resistance level before Bitcoin can move toward $90,000.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
