Matrixport Advises to Partially Take Profit on Bitcoin Longs Amid Market Uncertainty

The increase in the price of the leading cryptocurrency towards new highs has occurred without the usual accompanying euphoria. In this context, Matrixport experts suggest that it may be wise to partially secure profits.

Analysts pointed to a subdued trading volume in the spot market and near-neutral rates in perpetual contracts. They believe that a boost in market activity is essential to maintain the upward trend.

“Can the rally persist without the fear of missing out (FOMO)? At this point, it would be prudent to reduce exposure,” the specialists concluded.

QCP Capital attributed the renewed bullish sentiment following the weekend to the delay in the US tariffs on imports from the EU, which has been pushed from June 1 to July 9 after a conversation between President Donald Trump and European Commission President Ursula von der Leyen.

Experts also noted that an influx of funds into Bitcoin ETFs has provided support. They highlighted the significance of the upcoming US Personal Consumption Expenditures (PCE) report on May 30 in relation to the actions of the Federal Reserve.

Earlier, CoinDesk presented six charts of various metrics that reinforce a solid foundation for Bitcoin’s potential rise above $100,000.

It is worth mentioning that Standard Chartered has recommended purchasing the leading cryptocurrency and predicted its value could reach up to $120,000 in the second quarter.