QCP Capital Announces Critical Levels for Bitcoin Holding Above $100,000! Details Here
QCP Capital reported in its market assessment published today that Bitcoin has held above the $100,000 level in recent days thanks to optimism about a possible budget deal from the US government.
QCP Capital: Bitcoin Holds Above $100,000, Market Supported by Expectations of US Government Deal
The company noted that Bitcoin struggled to surpass this level several times but eventually rose to $106,000.
It's noteworthy that this rise occurred despite selling pressure from long-term investors (OGs) and fund outflows from spot ETFs. QCP explained that fund flows in the options market were sending mixed signals.
While some investors are buying bullish options strategies, signaling optimistic expectations in the market, other investors are selling bullish strategies, reflecting a cautious stance regarding the possibility of Bitcoin breaking new records by the end of the year.
The report also highlighted that Bitcoin's ability to absorb OG sales has gained strength similar to past Silk Road and Mt.Gox cycles, suggesting increased market depth and resilience.
QCP noted that digital transaction volume (DAT) has decreased but its impact on market sentiment remains decisive.
According to the analysis, if Bitcoin remains above $100,000, the US bond market may see relief; however, if it breaks above $118,000, selling pressure may arise again.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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