The investment firm said:“With macro risks temporarily subdued and trade tensions cooling, BTC is likely to consolidate in a narrow $90K–$94.5K range while awaiting a catalyst for a decisive push toward the elusive $100K mark.”Meanwhile, crypto analyst Tazman noted that a lack of “sustained demand and fresh capital” stands in the way of Bitcoin’s path to $100,000. Related: Bitcoin $100K hopes on ice, SBF’s mysterious prison move: Hodler’s Digest, April 20 – 26BTC buyers and sellers in a tug of warBitcoin holds above its yearly open at $93,340, which now serves as daily support.BTC/USD weekly chart.
Although the rally has been accompanied by $3.06 billion in spot ETF inflows, there are doubts whether that is enough to break Bitcoin out of consolidation. In its latest bulletin to Telegram channel subscribers, trading firm QCP Capital argued that Bitcoin’s decoupling from equities last week strengthened its narrative as a “hedge against political instability and uncertain monetary policy.” This helped BTC to comfortably breach the $90,000, QCP Capital explained, adding that it would have also helped propel it higher.
Instead, market participants are now focused on the durability of BTC’s “up only” trend.”On April 25, the trading firm said that BTC price could continue its choppy price for a few more days, arguing that it lacked a “catalyst” to propel it toward $100,000.
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Author / Journalist: Cointelegraph by Nancy Lubale
