QCP Capital: BTC And ETH Spot Prices To Fluctuate Within Current Range During Holiday Season
In Brief
QCP Capital released a new market analysis suggesting that broader market movements will regain momentum in the new year.
Singapore-based cryptocurrency trading firm QCP Capital published a new market analysis offering insights into the current performance of Ethereum and Bitcoin. According to the report, the $4,000 level for ETH and the $100,000 level for BTC serve as critical thresholds. While these benchmarks were surpassed last week, both assets have since trended lower.
For options trading, the analysis highlights the 27th December expiry as pivotal, with the highest open interest (OI) aligned with these key levels: ETH-27DEC24-4k (90,000 contracts) and BTC-27DEC24-100k (16,000 contracts). The question arises whether a higher spot price could trigger a short squeeze as dealers seek to hedge their positions.
QCP Capital expressed skepticism about this possibility. The firm noted profit-taking activity on long BTC-27DEC24-100k-C positions, with many traders rolling them into March contracts as $130,000–$150,000 strikes. This activity suggests a strong supply of topside gamma, reducing the likelihood of a significant rally. Additionally, perpetual funding rates remain relatively stable on Deribit and slightly elevated on other major exchanges, which also decreases the chances of an upward surge.
Despite maintaining a structurally bullish outlook, QCP anticipates that spot prices will likely remain range-bound for the remainder of the holiday season. Historically, Ethereum has not reached new all-time highs until January of the post-halving year. This sentiment aligns with options market trends, where ETH risk reversals are skewed towards call options starting in January. The firm suggests that broader market movements will resume their momentum in the new year.
BTC And ETH See Declines Amid Market Pullback
As of the current writing, Bitcoin is trading at $98,362, reflecting a decrease of over 1.49% in the past 24 hours. The cryptocurrency reached a 24-hour low of $98,033 and a high of $101,267. Bitcoin’s market capitalization is currently valued at $1.94 trillion, with a 24-hour trading volume of $65 billion and a market dominance of 54.62%.
ETH is priced at $3,846, down by more than 3.51% over the past 24 hours. Its low for the day was $3,843, while the high reached $4,015. ETH’s market cap stands at $463 billion, with a 24-hour trading volume of $28 billion.
The overall cryptocurrency market capitalization has declined by approximately 2.76%, bringing the total to $3.56 trillion. In contrast, the total 24-hour cryptocurrency trading volume has risen by 24.73%, reaching $191 billion, according to data from CoinMarketCap.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
