QCP: US government shutdown resolution boosts market, BTC returns to the $106,000 range

According to ChainCatcher, QCP pointed out in its latest market briefing that the U.S. Senate is pushing to end the 40-day government shutdown, boosting overall risk appetite and driving a rebound in both the stock and crypto markets. Bitcoin, after repeatedly testing the $100,000 level, has climbed back above $106,000. Despite early holders selling and ETF outflows, market liquidity remains robust.

QCP noted that the risk reversal structure in the options market shows a significant easing of bearish sentiment, and concerns about further liquidations have decreased. There is a clear divergence among current traders: some are buying call fly options expiring on December 26 at $112,000/$120,000/$150,000, while others are selling call spreads at $135,000/$140,000, indicating that expectations for retesting historical highs remain divided. QCP believes that although OG wallets continue to exert selling pressure, the market's ability to absorb supply shocks has significantly improved, similar to the periods when Mt.Gox and Silk Road coins were released. If old coins are not fully cleared, BTC is expected to continue fluctuating within a range, with resistance around $118,000.