QCP Capital: Bitcoin Follows the Dollar in Surging and Then Pulling Back, Structural Pressure Reappears

According to Odaily, QCP Capital stated in an official post that during the early Asian trading session, as the US dollar plummeted sharply, bitcoin, gold, and silver rose simultaneously. 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 testimony before Congress.

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 weak. Bitcoin failed to remain above $92,000 and sharply retraced 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 market optimism for a breakout in the first quarter is fading.

Looking ahead, volatility risk is expected to remain elevated in the near term. The market will remain sensitive to the US CPI data on Tuesday (January 13), followed by the US Supreme Court's tariff ruling on Wednesday (January 14), which may further impact cross-asset allocation and risk sentiment.