Bitcoin Bulls Back in the Game
The recent release of U.S. inflation data has sparked a surge in bullish sentiment among investors, with Bitcoin leading the charge. QCP Capital, a Singapore-based firm, predicts that Bitcoin could reach $74,000 soon due to favorable market conditions and increasing institutional demand.
The U.S. Inflation Data Impact on Bitcoin
- U.S. Consumer Price Index (CPI) rose by 0.3% in April, falling short of the 0.4% increase in March and below the consensus forecast of 0.4%.
- This news triggered a significant breakout for Bitcoin, pushing it back above the $66,000 level for the first time since April and marking its most substantial single-day gain since March.
- The U.S. Bureau of Labor Statistics announced a 0.3% increase in the Consumer Price Index for All Urban Consumers (CPI-U) in April.
Predictions and Sentiment
The traders at QCP Capital anticipate that Bitcoin could surpass its previous record high of $73,700, with increasing demand from traditional finance contributing to the bullish momentum. The firm reported significant purchases of $100K-$120K BTC call options for December 2024, signaling strong bullish sentiment among investors.
- Traders at QCP Capital expect a return to the highs of nearly $74,000 based on bullish momentum and growing institutional demand.
- The firm observed substantial buyers of $100K-$120k BTC Calls for Dec 2024 as Bitcoin’s price continues to rise.
Market Analysis and Trends
Analysts have also noted a decrease in selling pressure on Bitcoin, as demonstrated by on-chain and exchange data. Short-term Bitcoin holders are selling at minimal profits, depleting their unrealized gains from the past few months. Additionally, the stabilization of Bitcoin balances on OTC desks suggests a reduction in the supply of Bitcoin available for sale through these channels.
Hot Take: Bitcoin on the Rise
As Bitcoin gains momentum and breaks key resistance levels, the market sentiment remains overwhelmingly bullish. With institutional interest on the rise and reduced selling pressure, Bitcoin’s price trajectory points toward further upward movement, potentially surpassing previous record highs in the near future.
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