Odaily Planet Daily News QCP Capital posted on their official Telegram channel, “Since our last post, BTC has fallen below $93,000, and long orders have been liquidated for over $430 million. This drop coincided with the end of five consecutive days of net inflows for Spot ETF, recording an outflow of $438 million on Monday, while MicroStrategy’s stock price fell by 4.4%.”
This pullback occurred after MicroStrategy’s record-breaking $5.4 billion BTC purchase last week. With the approaching US holiday and the lack of immediate catalysts to push the price higher, the path to the symbolic $100,000 level for BTC has stalled.
ETH implied Volatility has sharply shifted towards put options rather than call options, reflecting similar sentiment as the market takes a breather. Concerns about downside risks for BTC may intensify, especially with tonight’s FOMC meeting minutes and Wednesday’s PCE data looming. However, this is not an excessive pullback in the long run. BTC has only retraced to last week’s levels. Since the election, the market has become extremely Overbought and leveraged, so a pause in trading is inevitable.
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