BTC downward momentum is weakening but range-bound trading likely: QCP Capital

According to crypto trading firm QCP Capital, Bitcoin's downward momentum is weakening, but the asset is likely to continue trading within a range with $84,000 as major resistance. The firm noted that Bitcoin has remained above $80,000 despite ETF outflows and a higher-than-expected CPI release. However, QCP Capital pointed to supercore inflation, which excludes energy and rent, as a key concern. This measure of core services inflation has risen for three consecutive months, reducing the likelihood of a rate cut by the Fed. QCP Capital identified several short-term variables that could influence Bitcoin's direction: the upcoming U.S. Producer Price Index (PPI) data, a potential U.S.-China summit, and any progress on the Clarity Act. Absent a new catalyst, the firm expects volatility to decrease and for BTC to remain in a trading range below $84,000.