The leading cryptocurrency Bitcoin (BTC) has increased hopes for an increase by exceeding $87,000 for a long time.
Just as investors wonder what they expect from BTC next, Singapore-based Crypto Trading Firm QCP Capital shares an updated analysis.
Bitcoin has risen, but it is too early to say that this trend is turning back, QCP Capital analysts added that a $88,800 resistance is important.
At this point, analysts pointed out that it is too early to say that the trend is reversed before Bitcoin surpasses its major resistance level of $88,800.
Analysts say the rise of BTC along with Gold indicates an increasing interest in BTC as a potentially safe inventory asset, but whether this trend is temporary or permanent remains unclear.
However, the aggressive flow into the Spot Bitcoin ETF last week has renewed interest from institutional investors.
“Bitcoin wasn’t alone. Gold was at its highest ever high, supported by the tensions of a new trade war and the weaker US dollar.
The stock closed in Red last week and extended the April decline, bringing back momentum to BTC’s narrative as a safe shelter or inflation hedge.
In the options market, positioning is more balanced, flattening the overall risk return for maturation and moving away from the sustained short-term put bias that has been dominated for weeks.
This dynamic continues to provide new support for institutional BTC allocations.
For now, we’re looking at major resistance levels at $88,800. Until this level breaks decisively, we continue to be cautious about drawing solid conclusions. ”
*This is not investment advice.
