Bitcoin (BTC) has risen above $111,000 after a difficult few months, breaking a new record after four months of difficult months, according to Binance TR data.
The general expectation in the market is that Bitcoin continues to rise, but Singapore-based cryptocurrency company QCP Capital has assessed the latest situation in Bitcoin.
Therefore, analysts said that Bitcoin's upward trend was solid and that while the short pullback after ATH was due to the acquisition of profits, the rising demand resumed quickly.
Noting that the recent BTC rally reflects a robust trend supported by improved structural foundations and relatively low volatility, analysts said “we feel that this rally is more structurally healthy than its previous one.”
The options market pointed to an increase in Bitcoin, saying traders quickly bought the phone after a short-term decline.
“After the first ATH of BTC, it caused the acquisition of profits and a short decline occurred.
But the buyer reloaded quickly. Most notably, 1,000 call contracts were actively purchased on September's 130K strike. ”
Noting that Bull's trends are currently continuing, analysts added that the institutional Bitcoin Bull strategy plan to spend $2.1 billion, 10% has earned permanent preferred stock (STRF) offerings for BTC purchases.
Despite all this positive sentiment, analysts said there is still a broader macro risk.
At this point, QCP analysts updated their tariff concerns, saying that US yields could increase, and that a stronger dollar could lead to volatility, especially for altcoins.
*This is not investment advice.
