QCP: Bitcoin Holds the $100,000 Mark as Optimism Grows Over Potential End to US Government Shutdown, Boosting the Market

BlockBeats News, November 10, QCP Capital posted on social media that, boosted by optimism over the US government funding agreement, Bitcoin rebounded to $106,000 after repeatedly failing to fall below $100,000. Despite ongoing OG sell-offs and ETF outflows, this rebound still occurred.

Option flows remain mixed—buying bullish butterfly options indicates market optimism, while selling bullish call spreads limits expectations for a new high this year. However, Bitcoin's ability to absorb OG supply pressure is similar to past Silk Road and Mt. Gox cycles, reflecting the current market's greater depth.

Although DAT (large trading accounts) activity has declined, its impact on market sentiment remains crucial. Bitcoin holding firm at $100,000 has provided some breathing room for the US Treasury market, but if Bitcoin's price breaks through $118,000, it may attract a new round of OG sell-offs.