2024

Bitcoin

<p>With a startling 65% increase in price gains, <a href="https://www.cryptopolitan.com/a-surge-in-bitcoin-cash-trading-activity/" rel="noopener noreferrer nofollow">Bitcoin</a> is about to reach a major milestone as the first quarter of 2024 draws close. However, as the cryptocurrency approaches the end of Q1, trading company QCP Capital has sent a warning, stressing the possible risks of “exhaustion.”</p>
<h2 class="wp-block-heading" id="bitcoin-price-action">Bitcoin price action&nbsp;</h2>
<p>Observers of the bitcoin market are keeping a careful eye on several important signs as the price movement of the cryptocurrency slows down following a revolutionary start to the year. Even while Bitcoin is close to its all-time highs, it hasn’t been able to solidify its support at these points.</p>
<h2 class="wp-block-heading" id="qcp-capital-alerts-issuers-about-second-quarter-risks">QCP Capital alerts issuers about second-quarter risks</h2>
<p>QCP Capital updated its Telegram channel subscribers with cautious comments on the second quarter, which still looks “very bullish” to the firm. The market remains positive on the back of other catalysts: BTC spot ETFs keep attracting demand, the BTC halving is right around the corner, London Stock exchange ETNs have recently been introduced, and ETH spot ETFs might be approved. Yet, QCP Capital warns that “all signs of last year’s top are brewing with exhaustion after a no-pullback rally since the Christmas blues”.</p>
<p>At the same time, deteriorating sentiment on Ether and a continuation of large funding rates across exchanges increased worries about market leverage.&nbsp;</p>
<p>Despite the existing challenges, market participants remain cautiously optimistic. Although QCP Capital maintained a long bias, they preserved readiness to benefit from big market drawdowns by keeping tail-put hedges on Bitcoin exposure. This strategy enables the firm to address potential risks associated with the significant momentum and growth levels registered over the quarter. As Bitcoin<a href="https://www.tradingview.com/symbols/BTCGBP/" target="_blank" rel="noopener noreferrer nofollow"> transitions</a> to the second quarter of the year, critical developments and indicators will help to gauge the cryptocurrency’s underlying strength and the possibility of further growth.</p>

Bitcoin faces risks of exhaustion amidst impressive Q1 gains

Table of Contents

Cryptopolitan_News

Other articles published on Mar 29, 2024

Taiwan’s Crypto Industry Takes a Leap Forward with Government-Backed Association Formation

Dogecoin (DOGE) Price Breaks 2021 Highs: Eyes To Hit $0.3 Amid Memecoin Season

Bullish Bitcoin Flag Signals $77000 ATH: Analyst

Top Underrated Cryptos with a 100x Potential

ProfitRocket AI Unveils Its Game-Changing DeFi Platform with Community-Focused Innovations

Driving Cats NFT Club Drop Begins in Challenge to SHIB, BONK, PEPE and DOGE

Join our free newsletter for daily crypto updates!