QCP Capital Focuses on $88.8K Bitcoin Resistance as Market Outlook Evolves

Singapore-based cryptocurrency trading company has shared its insights on recent trends in the cryptocurrency market, expressing a cautiously positive outlook regarding Bitcoin's price surge during the Easter holiday. The firm noted a dramatic increase in Bitcoin's price during the early hours of trading in Asia, surpassing the $87,000 mark, an event they dubbed an 'Easter resurrection.' This price increase effectively counteracted the drop that followed former President Donald Trump's sudden 'Liberation Day' announcement on April 2nd. Although weekend surges in the cryptocurrency sector are not uncommon—often influenced by low liquidity—this instance represents a shift from the quieter trading experienced during the December holidays, suggesting a potentially significant upward trend. QCP Capital Bitcoin's surge didn't happen in a vacuum; gold also reached new peak prices fueled by escalating worries about trade disputes and a depreciating U.S. dollar. Meanwhile, the stock markets wrapped up the previous week on a downward trend, contributing to a broader market correction in April. In this context, Bitcoin's potential as a safe-haven investment or a hedge against inflation is gaining newfound interest. Should this sentiment endure, QCP Capital anticipates that it may pave the way for increased interest and investment from institutions.

The firm has started observing early signs of institutional money redistributing in the market. For instance, Bitcoin spot exchange-traded funds (ETFs) recently reversed their previous course, registering $13.4 million in new inflows just last week—an impressive turnaround after the previous week's $708 million in outflows. Additionally, in the options market, the mood appears to be stabilizing, with risk reversals for various expiration dates revealing a more even outlook, contrasting with the heightened demand for short-term downside protection seen in prior weeks.

QCP Capital Exercises Caution, Observing $88.8K Bitcoin Resistance Level  inflows Despite the positive trends, QCP remains cautious. Analysts are questioning whether the simultaneous rise in both Bitcoin and gold is merely a byproduct of the low liquidity characteristic of the Easter holiday, or an early indicator of a significant shift in how traditional finance perceives Bitcoin's role in the market. They emphasize that clear answers may take a while to emerge, especially with many European markets still in holiday mode. The evolving dynamics among Bitcoin, gold, and equities is something to keep a close eye on.

At the moment, QCP Capital is carefully observing the $88,800 resistance level as a key sign of trend validation. Until this critical level is convincingly surpassed, the firm opts for a more reserved stance regarding strong predictions about Bitcoin's next price movements.

As of the time of this report, Bitcoin is trading at $87,259, representing a 3.69% increase in the last 24 hours. Throughout this timeframe, the price fluctuated between a low of $84,028 and a high of $87,666, illustrating some substantial intraday volatility.

Bitcoin's total market capitalization has also seen an upward trend, now hovering around $1.73 trillion, which indicates a 3.57% rise.

On a broader scale, the total global cryptocurrency market capitalization is presently estimated at $2.75 trillion, reflecting a 3.40% increase compared to the previous day. Trading activity has also shown signs of recovery, with total market volume over the past 24 hours reaching $67.9 billion—up by 45.28%, based on information from CoinMarketCap. Bitcoin Please understand that the content provided on this page is not designed to be and must not be seen as legal, tax, investment, financial advice, or any other form of guidance. It's essential to only invest what you are willing to lose and to consult with independent financial experts if you have any uncertainties. For more details, we recommend reviewing the terms and conditions along with the help and support resources made available by the issuer or advertiser. MetaversePost strives for accurate, impartial reporting, but market conditions can change without prior notice.

Alisa, a committed journalist at Cryptocurrencylistings, focuses on cryptocurrency, zero-knowledge proofs, investments, and the expansive world of Web3. With her sharp eye for emerging trends and technologies, she provides thorough coverage to educate and engage readers within the rapidly changing landscape of digital finance.