The US-Iran conflict has yet to reach an agreement to end the war. This indicates that tensions persist, while the leading cryptocurrency Bitcoin (BTC) continues its strong performance above $80,000.
Analyses also indicate that Bitcoin surpassing and remaining above the $80,000 level signals an improvement in the market structure.
Bitfinex analysts stated in their weekly report that Bitcoin surged by approximately 12% last April, recording its strongest monthly return in the past year.
Analysts said the factors driving this rise were not increased leverage in derivatives markets, but rather spot purchases, ETF inflows, and accumulation by long-term investors.
“Bitcoin has risen above the ‘Real Market Average’ of approximately $79,800, a key indicator based on the current average price.”
This is seen as a significant improvement in terms of market structure.”
Bitfinex analysts noted a structural improvement in Bitcoin, while QCP Capital analysts also released their short-term price prediction for BTC.
Accordingly, QCP Capital analysts stated that BTC is likely to trade sideways below the $84,000 resistance level this week.
QCP analysts identified the US-China summit and US inflation data as key market variables this week, and predicted that BTC will continue to trade in a range below the $84,000 resistance for now.
QCP stated that despite recent spot ETF outflows, BTC maintaining the $80,000 level is a positive sign.
QCP Capital suggests that if this week’s CPI and PPI data show signs of stabilizing inflation, it could create a favorable environment for Bitcoin and the cryptocurrency market.
The firm also added that the U.S. Senate Banking Committee is scheduled to review the Clarity Act bill, and developments in these discussions could affect ETF and institutional fund flows.
*This is not investment advice.
Continue Reading: Two Analytics Companies Evaluate Bitcoin (BTC) Price! They Reveal This Week’s Target!
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Author: NixCoin
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