TechFlow news, December 10 — QCP Capital's latest analysis indicates that Bitcoin recently suffered a $1.5 billion long liquidation, plunging nearly 3,000 points before rebounding from the critical support level of $95,000. It is currently consolidating within the $97,000–$98,000 range. This correction has also negatively impacted many altcoins.
On institutional adoption, spot Bitcoin and Ethereum ETFs have recorded net inflows for eight consecutive days and eleven consecutive days, respectively. Mining firm Riot Platforms announced it will follow MicroStrategy’s strategy by planning to issue $500 million in zero-coupon convertible notes to purchase Bitcoin—a move that has already attracted strong market demand.
Notably, Microsoft shareholders are voting today on whether to include Bitcoin on its balance sheet. Although the board recommends opposition, approval could spark an unexpected price surge. Meanwhile, reports indicate Amazon shareholders are also pushing to hold Bitcoin as a reserve asset.
QCP noted that macro market volatility has somewhat eased amid stabilizing political situations in France and South Korea, along with China’s commitment to roll out economic stimulus policies. Short-term volatility for both Bitcoin and Ethereum remains elevated, with a skew toward put options. The analysis suggests that a breakout above the $100,000 psychological level for Bitcoin will likely require a key catalyst.
