QCP: "Digital Gold" Bitcoin Proved Itself, This is Necessary for the Continuation of the Rise! - Coin Bulletin

According to the report from QCP Capital, the rise of Bitcoin to $106,350 has once again changed the market dynamics.

According to a report shared by cryptocurrency analysis firm QCP Capital, Bitcoin (BTC) recorded a strong rise, surpassing the level of $106,350 in the early hours of the Asian markets.

This upward momentum gained momentum with the impact of short position liquidations, which amounted to approximately 151 million dollars in the last 12 hours.

On Sunday, with the market being weak and comfortable in terms of liquidity, the rise was triggered by squeezing short positions, along with funding rates on the Deribit platform briefly turning negative.

Analysts said that for the continuation of this week's rise, the data expected from the FED on December 18 should be extremely moderate, while it is said that this is unlikely.

This week's central bank meetings seem to be just background noise for cryptocurrencies, and Bitcoin is definitely staying emotionally focused. Although it is highly unlikely, an overly accommodative Fed and Powell could provide the impetus Bitcoin needs to climb even higher.

Bitcoin's this move further strengthened its status as "digital gold" and highlighted that it has become a more preferred asset as a store of value compared to gold. The BTC/Gold ratio, reaching an all-time high with this rise, emphasized Bitcoin's increasing superiority over traditional gold.

This development is considered an important indicator for cryptocurrency investors and financial professionals monitoring the market. With Bitcoin's position as digital gold solidifying, it is expected that more investors will choose Bitcoin as a store of value in the future.