Wu Blockchain reports that QCP Capital stated Bitcoin has pulled back to around $77,000 after hitting approximately $82,000 last Thursday, down about 2% both this week and this month. QCP believes the recent weakness in BTC is mainly influenced by the rise in U.S. long-term Treasury yields, with the 10-year Treasury yield nearing 5%. The high risk-free rate is undermining the liquidity support for crypto assets. This week, the U.S. spot BTC ETF has seen net outflows for three consecutive days, and the options market is clearly pricing around tonight’s CPI data. QCP also pointed out that BTC’s 50-day moving average has just crossed above the 200-day moving average, forming the first “golden cross” of this cycle near $70,000–$71,000. They believe that in the medium term, if the U.S. Treasury further expands long-term bond buybacks and shifts more financing to short-term Treasury bills, the liquidity environment could eventually turn favorable for BTC again. However, in the short term, the pressure from rising Treasury yields still needs to be absorbed. https://www.(wublock123.com)/news/news-68250