According to a new analysis by Singapore-based QCP Capital, the real test lies just ahead—at $88,800, a key resistance level.
Despite the recent rally, QCP analysts remain cautious, stating that it’s too early to declare a full trend reversal until Bitcoin decisively breaks above $88,800.
“The breakout is encouraging, but confirmation is still lacking,” the firm noted in its latest market update.
BTC and Gold Move in Tandem Amid Market Uncertainty
QCP also highlighted a notable correlation: Bitcoin’s surge has mirrored gold’s rally, reinforcing the narrative that BTC may be gaining ground as a safe-haven asset.
“Bitcoin wasn’t alone. Gold hit all-time highs as well, supported by trade tensions and a weaker U.S. dollar,” analysts said.
This shift comes as equities continue to slide, extending April’s losses. The combination of falling stocks, geopolitical uncertainty, and renewed interest in hard assets is breathing new life into Bitcoin’s image as a hedge against inflation and global instability.
Institutional Interest Reawakens
Positive inflows into spot Bitcoin ETFs last week suggest that institutional investors are returning to the market. At the same time, options market sentiment is stabilizing, with risk premiums flattening across timeframes and the previously dominant put bias fading.
This shift could pave the way for more institutional allocation in the near term—especially if Bitcoin manages a clean break above resistance.
“Until $88,800 is breached with conviction, we remain cautious about calling a full reversal,” QCP concluded.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/bitcoin-eyes-88000-breakout-as-safe-haven-narrative-gains-steam/