QCP: Bitcoin Faces Significant Supply Pressure on Move to $95,000, $80,000 to $82,000 Remains Key Support Area

November 27th: QCP issued its daily analysis, indicating that Bitcoin is currently staying above $89,000. With the improvement of market risk sentiment, traders have raised the probability of a December rate cut to 85%. Nevertheless, macro signals remain mixed: inflation remains at a high level, while labor market data continues to weaken. The initial jobless claims and ADP nonfarm payroll data will be released later this week. The credit indicators for AI and tech stocks are flashing a yellow light, and the credit default swap (CDS) spreads are continuing to widen. Market concerns about Nvidia's soaring accounts receivable and inventory have intensified. Similar cautious signals are also being transmitted in the crypto market, with continuous outflows from Bitcoin spot ETFs. Market scrutiny of MicroStrategy's strategy has intensified once again as its massive Bitcoin holdings are approaching the breakeven level, and its stock is being considered for potential removal from the MSCI index. Approaching the end of the year, Bitcoin is facing significant bearish hedging, but the open interest of bullish options remains substantial. QCP believes that Bitcoin will encounter significant supply pressure around the mid-$95,000 level, while the $80,000–$82,000 range remains a key support area.