Analysis Company Said "It's Still Early to Get Excited About Bitcoin", Revealed the Key Level to Overcome for Bullish Confirmation!

The leading cryptocurrency Bitcoin (BTC) has surpassed 87 thousand dollars after a long time, increasing hopes for a rise.

As investors wonder what to expect from BTC going forward, Singapore-based crypto trading firm QCP Capital shared its latest analysis.

Although Bitcoin has risen, QCP Capital analysts pointed out that it is too early for the public to say that the trend has reversed, stating that the resistance at $88,800 is critical.

At this point, analysts noted that it is too early to say that the trend has reversed before Bitcoin breaks the significant resistance level of $88,800.

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

However, the positive inflows into spot Bitcoin ETFs last week indicate renewed interest from institutional investors.

"Bitcoin was not the only one. Gold also reached all-time highs supported by renewed trade war tensions and a weakening US dollar.

Stocks completed last week in the red, extending the decline from April, while the narrative of BTC as a safe haven or inflation hedge is gaining momentum once again.

In the options markets, positioning has become more balanced. Risk returns have flattened across maturities and have moved away from the persistent recent put slope that has dominated for weeks.

If this dynamic continues, it could provide a fresh tailwind for institutional BTC allocation.

For now, we are keeping our eyes on the important resistance level of 88,800 dollars. Until this level is decisively broken, we continue to be cautious about drawing definitive conclusions.