QCP: Bitcoin Maintains Range Consolidation, No Clear Upside Momentum Yet

On March 30, QCP’s latest market report noted that Bitcoin briefly dipped to $65,000 during the Asian trading session before quickly rebounding, currently maintaining a range between $66,000 and $67,000, continuing the typical trend of weakening over the weekend and stabilizing at the beginning of the week. Despite facing selling pressure after options expiration and uncertainties in the Middle East, BTC has overall held within the $65,000 to $70,000 range, although it may record a sixth consecutive month of decline, reflecting continued weak market sentiment. The report also highlighted that Bitcoin’s recent relative performance remains resilient, outperforming gold and U.S. stocks since the escalation of the conflict in Iran, indicating a return of some safe-haven attributes. As Trump’s ‘10-day buffer period’ for military action against Iran approaches its April 6 deadline, the market remains vigilant regarding potential escalations, with BTC’s short-term movements likely driven by news. On the macro front, high oil prices and risks to key transportation routes continue to strengthen ‘stagflation’ expectations; even if the situation eases, the war risk premium is unlikely to dissipate in the short term. The derivatives market shows limited volatility compression after options expiration, with traders still paying for market fluctuations, reflecting a cautious rather than panic sentiment, and the market has yet to form a clear upward breakout momentum.