Will Bitcoin’s Upward Trend Continue?

Cryptocurrency research firm QCP Capital reported in a recent analysis that there has been a significant increase in the price of Bitcoin (BTC) due to strong spot demand.

Last night, BTC briefly reclaimed the $68,000 level before rallying 2.20% and settling in the $67,000 range.

QCP Capital noted that there was significant movement in the options market during US trading hours, with intense buying interest in long-term options. In particular, 600 contracts were traded at $120,000 for the March 28 expiration. According to QCP, this indicates a revival of optimistic and long-term buyers and increased confidence that prices will rise further as Bitcoin continues its upward momentum.