QCP: The key to Bitcoin's future trend depends on whether it can maintain the $74,000 support level. If it holds this level, the market may see a rebound; if it breaks below, further declines could occur. Investors should closely monitor the price action around this critical support to make informed decisions.
ChainCatcher News: Singapore-based crypto investment firm QCP Capital pointed out that after Kevin Woorh was officially confirmed as the next Federal Reserve Chair, Bitcoin dropped below the $80,000 support level on Saturday, reaching a low of $74,500, while Ethereum also fell below $2,170. A new round of deleveraging occurred in the market, with over $2.5 billion in long leverage positions being liquidated. Coupled with continuous outflows of ETF funds, market sentiment was further dampened.
Risk aversion sentiment continued to spread after Woorh’s appointment, affecting the stock market and extending to traditional safe-haven assets. Gold and silver prices continued to decline as investors reassessed Woorh’s policy path under his leadership. Expectations for policy normalization or tightening increased, weakening demand for interest-free precious metals. Futures exchanges raised margin requirements, accelerating the liquidation of leveraged positions. Bitcoin currently holds support above $74,500, a level that coincides with the technical lows of the 2025 cycle.
Options market signals remain cautious, with a clear skew towards put options. However, compared to the extreme levels during Bitcoin’s decline from $107,000 to $80,500 in November last year, current hedging demand has eased, possibly reflecting investors positioning for a short-term bottom. Nonetheless, market momentum remains weak, with upward movement constrained by recent resistance levels. The future trend largely depends on whether the $74,000 support can be maintained.
If it breaks below, a deeper correction could be triggered; if it recovers above $80,000, it could help normalize volatility and options skewness. The market is watching whether institutions are re-accumulating positions near the $76,000 average cost, as well as geopolitical risks and Federal Reserve policy signals.
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