[QCP: Bitcoin Maintains Range-Bound Movement, Decline in U.S. Treasury Yields Supports Risk Assets] Deep Tide TechFlow reports that on October 19, QCP released a market analysis indicating that Bitcoin demonstrated resilience last week, trading within a narrow range of $80,000 to $83,000, and established solid support at $80,000, in contrast to the continued pressure on tech stocks. On the macroeconomic front, despite strong inflation data, safe-haven demand has driven long-term U.S. Treasury bonds higher. Additionally, comments from Federal Reserve officials have cooled rate hike expectations, and the decline in U.S. Treasury yields has provided support for risk assets, including Bitcoin. There are signs of market capital rotation from crowded AI sectors like semiconductors to defensive sectors such as healthcare and banking, though there is no clear evidence of large-scale capital inflows directly into crypto assets. In the options market, Bitcoin's implied volatility across various maturities remains generally below the average level of the past year. Market makers' long gamma positions have helped keep spot prices locked within the current range. However, as options expire, this stabilizing effect may weaken. If deleveraging pressures in the stock market continue to spread, the $80,000 support level could come under pressure. Conversely, if U.S. Treasury rebounds are accompanied by declining real yields and a weakening dollar, risk assets could benefit further, potentially breaking out of the $80,000 to $88,000 range and triggering a more significant repricing of both price and volatility.