QCP: Continue to monitor the key resistance level of $88,800 for BTC, early signs of institutional confidence returning observed

QCP Capital stated on their official channel, "Bitcoin broke above $87,000 during the Asian morning session. This strong rebound recaptured most of the losses triggered by former President Trump's unexpected 'Liberation Day' announcement on April 2. The narrative of Bitcoin as a safe haven asset or an inflation hedge is gaining attention again. If this trend continues, it could provide new impetus for institutional Bitcoin allocations. Early signs of institutional confidence returning have been observed. Last week, the spot Bitcoin ETF recorded a net inflow of $13.4 million, in stark contrast to a net outflow of $708 million the previous week. In the options market, position structures have become balanced. Risk reversal levels across tenors have flattened, differing from the persistent near-term bearish skew of the past weeks. So, is today's simultaneous rally of Bitcoin and gold merely holiday market noise, or an important signal of Bitcoin's transformation into a safe-haven asset? If it's the latter, this would mark a substantial change in traditional finance's perception of Bitcoin. With European markets still on holiday, market confirmation may require a few more trading sessions. The correlation between Bitcoin, gold, and the stock market warrants close observation. For now, we continue to monitor the key resistance level of $88,800. We remain cautious about drawing any definitive conclusions until this level is breached."