Matrixport Advises to Partially Lock in Bitcoin Long Profits Amidst Cautious Market Sentiment

The recent rise of the first cryptocurrency to new heights occurred without the usual euphoria typically associated with such movements. In light of this, Matrixport suggests it might be prudent to partially secure profits.

Analysts noted that trading volumes in the spot market have been modest, with perpetual contract rates remaining close to neutral. They believe that for the upward trend to continue, market activity needs to increase.

“Can this rally persist without the so-called FOMO? At this juncture, it would be wise to mitigate some of your risks,” the experts concluded.

QCP Capital attributed the return of bullish sentiment following the weekend to the postponement of the U.S. tariff increase on imported goods from the EU, which has been moved from June 1 to July 9 after a conversation between President Donald Trump and European Commission President Ursula von der Leyen.

Additionally, experts highlighted the influx of funds into BTC ETFs as a supportive factor. They also pointed out the significance of the upcoming PCE report in the U.S. on May 30 in regard to the Federal Reserve’s actions.

Previously, CoinDesk presented six charts featuring different metrics that support a strong foundation for Bitcoin to exceed the $100,000 mark.

It’s worth noting that Standard Chartered has urged investors to buy Bitcoin, projecting its price could rise to $120,000 in the second quarter.