Analysts at QCP Capital said they expect Bitcoin to continue trading in the $62,000 to $67,000 range in the near term.

After FED Chairman Jerome Powell signaled a rate cut at the Jackson Hole Symposium in September, Bitcoin prices made strong progress by breaking through the $59,000-$62,000 supply zone.

BTC, which rose to $65,000, is trading sideways at $63,000 after a mixed trend on the first day of the week.

While investors are expecting a further rise to $70,000 and a new ATH, analysts at Singapore-based crypto trading firm QCP Capital expect BTC to continue trading in the $62,000 to $67,000 range in the near term.

Analysts who evaluated the market after Powell's Jackson Hole meeting said that there was heavy selling in $ 100,000 BTC calls that will expire in March 2025.

Stating that this situation indicates a bullish market sentiment, QCP analysts stated that despite the bullish sentiment, there will not be an explosive increase in the near term.

“Despite higher spot prices, BTC and ETH vols tend to be more towards put options than call options until October.

At this point, although the upward movement in price is decisive, volatility shows hesitation in the market. While short-term volatility is decreasing, the BTC spot price is likely to continue to fluctuate in the range of $ 62,000 - $ 67,000 in the near term.

NVIDIA earnings (August 28) and US PCE (August 30) will be announced this week, but we do not foresee any major surprises from these risk events.”