Analysis Firm Says “It’s Still Too Early to Rejoice in Bitcoin”, Reveals Key Level to Be Crossed for Bullish Confirmation!

The leading cryptocurrency Bitcoin (BTC) has increased hopes for an increase by exceeding $ 87,000 after a long time.

As investors wonder what to expect next for BTC, Singapore-based crypto trading firm QCP Capital has shared its updated analysis.

Although Bitcoin has risen, it is too early to say that the trend is reversing, QCP Capital analysts said, adding that the $88,800 resistance is critical.

At this point, analysts noted that it is premature to say that the trend is reversing before Bitcoin breaks above the key resistance level of $88,800.

According to analysts, the rise of BTC along with gold indicates increasing interest in BTC as a potential safe-haven asset, although it remains unclear whether this trend is temporary or permanent.

However, positive flows into spot Bitcoin ETFs last week point to renewed interest from institutional investors.

“Bitcoin wasn’t alone. Gold also hit all-time highs, supported by renewed trade war tensions and a weaker U.S. dollar.

As stocks finished last week in the red, extending April’s decline, the narrative of BTC as a safe haven or inflation hedge is gaining momentum once again.

In options markets, positioning has become more balanced, with risk returns across maturities flattening and moving away from the persistent near-term put bias that has dominated for weeks.

If this dynamic continues, it could provide a fresh wind of support for institutional BTC allocation.

For now, we are keeping our eyes on the key resistance level at $88,800. Until this level is broken decisively, we remain cautious in drawing firm conclusions.”

*This is not investment advice.