Bitcoin (BTC) continues its slight decline in the face of a possible peace agreement between the US and Iran. At this point, the BTC price has fallen below $76,000, and an analysis firm has revealed the level that needs to be broken for an upward move.
Singapore-based analytics firm QCP Capital argued that Bitcoin needs to reclaim the CME gap at $82,000 in order to rise to $90,000.
In its analysis today, QCP Capital stated that the rise of BTC depends on reaching $82,000, indicating that investors’ upward expectations have increased.
“Whether the next rally will be a classic bull trap or a more sustainable recovery depends on Bitcoin closing above $82,000.”
A break above this level could push the Bitcoin price towards $90,000.
Despite ongoing geopolitical tensions, investors are gradually rebuilding their long positions, with less bearish hedging activity compared to recent weeks.
Analysts have identified two key catalysts for Bitcoin: the first being the earnings of the US “Magnificent Seven” tech giants, and the second being the Fed’s interest rate decision for April.
Cryptocurrency markets are awaiting the first-quarter earnings reports from five of the “Fantastic Seven” companies (Microsoft, Amazon, Meta, Alphabet, and Apple).
“The market is facing an immediate macro risk stemming from the first-quarter earnings reports of the five companies known as the ‘Magnificent Seven’ (Microsoft, Amazon, Meta, Alphabet, and Apple).”
In addition, market attention will also be focused on the upcoming FOMC meeting and new inflation data. While Wednesday’s FOMC meeting is largely expected to be uneventful and the Fed to keep interest rates unchanged, the first-quarter earnings will be the first meaningful test of risk appetite in the US technology sector since the escalation of US-Iran tensions.
“If market sentiment remains positive this week, this could be another credible path for BTC’s recovery.”
*This is not investment advice.
