BlockBeats News, November 10th, QCP Capital posted on social media indicating that, buoyed by optimism regarding the U.S. government funding deal, Bitcoin returned to $106,000 after multiple failed attempts to break below $100,000. Despite ongoing OG selling pressure and ETF outflows, this rebound occurred.
The options flow remains mixed—buying call butterfly options indicates market optimism, while selling call spread options has dampened 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 a deeper market depth currently.
Although the activity of Large Transactions Accounts (LAT) has decreased, their influence on market sentiment remains crucial. Bitcoin holding above $100,000 has provided some relief to the U.S. bond market, but if the price surpasses $118,000, it may attract a new round of OG selling pressure.
