Holiday-Driven Rally or Safe-Haven Shift? QCP Analyzes Bitcoin’s Move

The sharp reversal, dubbed an “Easter resurrection” by QCP Capital, contrasted with December’s muted Santa Rally and coincided with gold hitting fresh all-time highs amid trade war tensions and a weakening U.S. dollar.

QCP noted that the tandem rally has reignited debates about bitcoin’s role as a safe-haven asset or inflation hedge, particularly as equities extended April losses. The firm highlighted early signs of returning institutional confidence, with spot BTC exchange-traded funds (ETFs).

BTC/USD via Bitstamp at 8:57 a.m. Eastern time on April 21, 2025.

ETFs posted $13.4 million in net inflows last week—a stark reversal from the prior week’s $708 million outflows. Options markets also showed more balanced positioning, with risk reversals flattening across tenors.

While the rally could signal a shift in traditional finance’s view of bitcoin, QCP cautioned that the move may need further confirmation, especially with European markets still on holiday.

The correlation between BTC, gold, and equities remains a key focus. For now, QCP is watching the $88,800 resistance level, stating that a decisive break is needed to validate the bullish momentum. Until then, the firm remains cautious about drawing firm conclusions on bitcoin’s safe-haven status. The QCP analysts wrote:

For now, we’re keeping our eyes on the key $88.8K resistance level. Until that breaks decisively, we remain cautious about drawing any firm conclusions.

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