QCP: Bitcoin needs to hold at $67000, market still not experiencing extreme panic

According to BlockBeats news, on June 3rd, QCP Capital announced on its official channel that as of June 3rd, Bitcoin had experienced severe fluctuations, with a cumulative decline of about 11.6% this week, failing to return to the key upward range. MSTR rarely sold 32 bitcoins to pay preferred stock dividends. Although the scale was not large, it broke the market expectation of "never selling" and caused emotional fluctuations. At the macro level, the escalation of the Middle East conflict has pushed up oil prices, while strong employment data in the United States has weakened expectations of a Fed rate cut, increasing the probability of long-term high interest rates. The deleveraging and unfavorable macro environment in the cryptocurrency market have put pressure on the high beta asset Bitcoin. The options market shows strong defensive sentiment, with implied volatility rising to 41.4 on the 30th day, short-term structural inversion, and a significant negative risk reversal indicator. The market is more inclined to purchase downside protection rather than chasing gains. At present, Bitcoin needs to hold within the range of $67000-68000, otherwise the rebound will still be fragile. The overall market is not panicking and leaving, but hedging against downside risks, waiting for a macro soft landing or easing of geopolitical tensions. [Original link]