QCP: Bitcoin's Rebound to $64K Lacks Momentum, Macro Factors Remain Key
QCP Capital said Bitcoin has bounced from a low near $62,500 earlier this week to trade around $64,000. The more striking aspect is the pressure the market absorbed: Strategy sold 1,638 BTC worth roughly $105 million, and reported losses from the Coldcard security incident have climbed to about $110 million. Neither triggered a sustained breakdown. Options markets stayed calm, with front-end implied volatility near the low end of its recent range and downside skew easing. Macro data points were mixed — US manufacturing strengthened in July while labor indicators softened, with JOLTS job openings falling to 7.36 million and ADP private payrolls adding just 44,000. All eyes are on today's US jobs report. Brent crude pushed back above $83 on Strait of Hormuz uncertainty, and Japan remains a liquidity variable as the BOJ still holds roughly half of outstanding JGBs after joint intervention. QCP's takeaway: resilience is improving, but momentum remains limited. Macro liquidity, energy markets and the timeline for US digital-asset legislation are the core variables to watch.








