QCP: Bitcoin has fallen for three consecutive weeks, reaching the support level of 112,000, but the macro structural support remains unchanged

ChainCatcher news, QCP Capital stated in its latest report that Bitcoin has experienced a third consecutive Friday decline, with the price briefly dipping to the critical support level of $112,000, triggering over $1 billion in leveraged long positions liquidations in the crypto market. This drop was mainly influenced by disappointing U.S. employment data and a new round of tariff policies, causing the crypto market to come under pressure alongside traditional financial markets.
Market data shows that major altcoins were also severely impacted, with SOL plummeting nearly 20% over the week and ETH dropping by 10%. More concerning is that Bitcoin spot ETFs recorded the second-largest single-day outflow in history, while Ethereum ETFs also saw the fourth-largest withdrawal, indicating a weakening of institutional support in the short term.

However, QCP Capital analysts pointed out that Bitcoin's July monthly close remains at an all-time high, and the current pullback is more likely a technical correction rather than a trend reversal. The options market has seen a large number of bullish bets, with target prices set at $124,000, indicating that some investors are positioning for a rebound. The report emphasizes that although short-term market sentiment is cautious, long-term positive factors such as improved regulatory frameworks, the development of stablecoins, and the institutional tokenization process still exist, and the foundation for a bull market has not been shaken. Whether the market can stabilize and rebound will depend on whether Bitcoin can regain a foothold above the $115,000 mark and other key indicators such as ETF fund flows.