Although Fed chairman Jerome Powell’s speech on interest rate cuts in his Jackson Hole speech brought an increase in Bitcoin and US stocks, a limited decline came later.

Singapore-based trading company QCP Capital stated in its latest report that Bitcoin could be stuck between $62,000 and $67,000 in the short term.

“There is still uncertainty and doubt”

Company analysts stated that although Powell’s speech reflected positively on prices, it is still seen that there is still a market uncertainty in derivative transactions:

“While the move higher in the bitcoin price has been decisive since Fed Chair Jerome Powell’s speech, the [implied volatilities] are indicating hesitation in the market, as front-end vols have drifted lower,”

In addition, the analysts are considering that volumes have also decreased, they anticipate that Bitcoin will fluctuate within the $62 to $67 thousand level in the short term.

“Market is bullish”

Analysts analysing derivative data after Powell’s speech wrote that investors took positions for Bitcoin’s future price increase, but this was not seen for the short term:

“We have witnessed heavy selling of calls around the $100,000 strike out to March 2025, and this could mean that the market is bullish but not expecting a blow-out move so soon,”

In their statements here, analysts state that investors are mostly buying the right to sell at a certain price for October, rather than buying at a certain price. In other words, a possible downward movement is predicted and measures are wanted to be taken against it. When the price drops, investors who get the right to sell at a high price will be able to sell the Bitcoin price more valuable than it is.

Bitcoin, which rose to $65,000 in the night hours connecting Sunday to Monday, is trading just below $63,000 as of Tuesday morning.