PBTC35A's current bullish sentiment has significantly rebounded. Technically, $87,000 has formed a key support level. If this level is maintained, the upside potential may extend to the $92,000–$104,000 range. New capital inflows and a more decentralized chip distribution strengthen expectations for the trend to continue. However, short-term risks remain regarding liquidity differentiation and false breakouts. It is recommended to focus on movements around key price levels, dynamically adjust exposure, strictly control leverage and liquidity management, and seize structural upward opportunities.

This week, strong activity in Asian markets has provided positive sentiment support for PBTC35A. Regional market participants have benefited from macro changes, including expectations that Venezuela may hold large-scale Bitcoin reserves and clearer progress on crypto legislation. On-exchange options data shows a clear increase in bullish interest, with rising implied volatility. Bullish users increased their positions through buying call options and straddle combinations, indicating that short-term sentiment is shifting from wait-and-see to positive. This round of sentiment recovery is conducive to PBTC35A rebounding after minor market fluctuations.

QCP's market analysis on January 5 highlights a strengthening crypto market in Asia, with Bitcoin and Ethereum surpassing $92,000 and $3,100 respectively, driven by US actions in Venezuela, year-end tax-loss trading, and rising crypto legislation expectations. Speculation about Venezuela holding significant "shadow Bitcoin reserves" and using USDT in oil trades could make it a major sovereign BTC holder. Options data show a bullish shift, with increased call options and straddle strategies indicating short covering and bets on upward volatility.

QCP: Venezuela Situation and Options Funding Resonance Strengthen Bullish Expectations in the Crypto Market

In terms of technical indicators, Bitcoin prices have received incremental capital support near key levels. The concentration of holdings has slightly decreased amid oscillating upward movement, indicating that new incremental chips are gradually entering. Historical data shows that rising prices accompanied by decreasing concentration often suggest a greater likelihood of trend continuation. As a derivative product tracking Bitcoin contracts, PBTC35A will benefit synchronously from this wave of mid-high-level capital positioning. The primary support level is currently set near $87,000. If this level is held, it is likely to challenge the $92,000 to $104,000 high point range.

On January 4, analyst Murphy noted that BTC's chip concentration within 5% of the January 1 price dropped from 14.9% to 14.5% by January 3, while BTC's price slowly rose. Historical data suggests that a decline in concentration amid rising prices indicates continued price increase. Significant BTC accumulation at $87,000 supports a range of $92,000-$104,000. Technical signals suggest a rebound is more likely than a false breakout unless BTC falls below $87,000.

Analysis: BTC chip concentration decreases, chip structure support is effective, rebound probability is higher than a false breakout followed by further decline.

Although the broader market has entered a recovery phase, short-term contract liquidity still faces risks of divergence. Data shows that trading in niche short-term markets is sparse, with liquidity concentrated in a few mainstream assets. Market depth and sector distribution in derivatives need ongoing monitoring. Additionally, while some on-chain indicators have begun signaling warming sentiment, false breakouts should be watched closely. For PBTC35A holders, attention should be paid to rolling leverage costs and liquidity squeeze risks. Adjust risk exposure promptly to avoid slippage and liquidation pressure from liquidity drying up.

CryptoQuant analyst Darkfrost noted on January 4 that the cryptocurrency market is beginning to improve, urging caution against dismissing this trend prematurely. While more data is needed for definitive conclusions, some trend changes are starting to emerge, making this a critical time to pay close attention.

Analysis: The crypto market is beginning to improve, with some trend changes gradually becoming apparent.

pBTC35A

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The US February PCE report will be released tonight, and expectations for a rate cut may be confirmed.

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The Bank of Thailand will keep its interest rate at the current level “for as long as possible,” according to Governor Vitai Ratanakorn.

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PBTC35A price today is 0.76, with a live price change of -0.32 in the last 24 hours. Convert, buy, sell and trade PBTC35A on Bybit.

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