QCP: Bitcoin Holds $100,000 Barrier, U.S. Government May Soon End Shutdown Boosting Market Sentiment

On November 10th, QCP Capital made a post on social media suggesting that, driven by optimism regarding the U.S. government funding deal, Bitcoin returned to $106,000 after numerous failed attempts to break below $100,000. In spite of the continuous selling pressure from OG and ETF outflows, this rebound took place. The options flow remains a combination of different trends—purchasing call butterfly options indicates market optimism, while selling call spread options has somewhat dampened the expectations for a new high this year. Nevertheless, Bitcoin's capacity to absorb the supply pressure from OG is similar to that in past Silk Road and Mt. Gox cycles, indicating a deeper market depth currently. Although the activity of Large Transactions Accounts (LAT) has decreased, their impact on market sentiment still remains crucial. With Bitcoin staying above $100,000, it has provided a certain degree of relief to the U.S. bond market. However, if the price surpasses $118,000, it may trigger a new round of selling pressure from OG.