Bitcoin’s Shorter-Term Pain Is Long Term Gain? Why BTC Could See Green Days
Bitcoin has seen some gains in the past 24 hours as bulls seem to be making a stronger push. However, funding rates across exchange platforms remain negative indicating a high bearish sentiment, at least, in the derivatives sector.
At the time of writing, BTC trades at $32,236 with an 8.4% profit daily and a 2.7% loss in the weekly chart.
QCP Capital has recorded a “roller-coaster” like price action as Bitcoin dropped from its current levels below $30,000 on the weekend only to return to its past weekly open.
This period saw a rise in Bitcoin inflows to exchange platforms. Contrary to popular belief, Senior Commodity Strategist for Bloomberg Intelligence, Mike McGlone, believes that the $30,000 support zone exhibits maturation.
As such, he clarified that Bitcoin continues to be in an uptrend supported by bullish signals. In the short term, the China crackdown on the crypto industry has affecting BTC and could be the main source of selling pressure, but in the long-term McGlone believes that this “confirms Bitcoin’s revolutionary value”.
The above was accompanied by what the market perceived as two bearish events, QCP Capital added. First, the Grayscale Bitcoin Trust unlock 16,240 shares and a high amount of put option around the $20,000 levels.