Cryptocurrency trading firm QCP Capital predicted that while Bitcoin's downside momentum is weakening, it is likely to continue its range-bound movement with $84,000 as a major resistance level. In this regard, QCP Capital stated, "Despite ETF outflows and CPI announcements exceeding expectations, Bitcoin is trading above $80,000. The problem is supercore inflation, excluding energy and rent. Core services inflation has risen for three consecutive months, lowering the possibility of a Fed rate cut. At this point, variables that will determine Bitcoin's short-term direction include △US Producer Price Index (PPI) △US-China summit △progress of the Clarity Act. If no new catalysts emerge, volatility will decrease, and BTC is likely to continue its range-bound movement below $84,000," they analyzed.
