Bitcoin Analysis Agrees BTC Price May Stall at $35,000

BTC price will struggle to break above $35,000, various analysts warn as major resistance appears on Binance.

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Bitcoin (BTC) bulls face the difficult task of carrying BTC price action past $35,000, according to new analysis.

In its latest market update on July 5, trading firm QCP Capital flagged the mid-$30,000 range as a potential cooling point for the Bitcoin bull market.

Bitcoin Settles Atop Post-FTX Rally

With the price of BTC hovering around $30,000, there is growing concern that the majority of its gains have already materialized.

The zone between $35,000 and $40,000 is now particularly popular among market players looking to catch a local top, and QCP is one of them.

"Tactically (short-term), our favorite trade to play in is selling 33,000 to 35,000 calls at the end of September and using premiums to buy 30,000 puts," he said. -he summarized about his plans for H2 trading.

The QCP highlighted incoming resistance for the Moving Average Convergence/Divergence (MACD) indicator – designed to gauge price strength at given levels during a market trend – at 35 $000.

“The upper levels are working well as any rally from here would be considered the end of the 5th wave from the November FTX lows,” he continued.

“The 33-35k level is also where we see the wedge resistance as well as the MACD reaching the 3-year triangle resistance.”

BTC/USD charts with MACD triangle. Source: QCP Capital

The update also refers to a cooling macroeconomic environment potentially offering little volatility clues for markets.

The U.S. Federal Reserve remains hawkish and officials have said further interest rate hikes will occur this year despite inflation showing a steady downward trend.

"Macro-wise, the Fed seems locked into another hike this month (although that's...