QCP Capital: Bitcoin's intraday rise and subsequent pullback highlight structural resistance, and market optimism for a Q1 breakout is fading

According to ChainCatcher, QCP Capital stated in its official channel that during the early Asian trading session, as the US dollar plummeted sharply, Bitcoin, gold, and silver all rose in tandem. This volatility coincided with comments from Powell, who noted that the Department of Justice had issued a subpoena to the Federal Reserve and that potential criminal charges on Friday were seen as retaliation for the Fed's refusal to cooperate with President Trump's preferred interest rate policy path, rather than issues related to Powell's June congressional testimony.

Although the initial volatility may suggest that the market is once again attempting to position Bitcoin as a hedge against the fiat system or institutional risk, subsequent price action was clearly lackluster. Bitcoin failed to remain above $92,000 and sharply pulled back after the European market opened, repeating a pattern seen multiple times in the fourth quarter of last year. This inability to capitalize on the so-called bullish narrative highlights the structural resistance Bitcoin has faced since October 10, and optimism for a breakout in the first quarter is fading. Looking ahead, volatility risks are expected to remain elevated. The market will remain sensitive to Tuesday's US CPI data, and the US Supreme Court's tariff ruling on Wednesday may further impact cross-asset allocation and risk sentiment.