QCP: Bitcoin reached the $112,000 support level, the market is following the $115,000 resistance level.

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According to Deep Tide TechFlow news, on August 4, QCP released a brief stating that Bitcoin experienced its third consecutive Friday decline, briefly touching the 112,000 USD support level, leading to over 1 billion USD in leveraged long positions being liquidated in the crypto assets market. This round of pullback was accompanied by unfavorable information such as worse-than-expected US employment data and a new round of tariff policies.

Solana fell nearly 20% over the week, while Ethereum dropped nearly 10%. A large outflow of funds has been observed in spot exchange-traded funds (ETFs), with Bitcoin ETFs recording the second-largest single-day outflow in history, and Ethereum ETFs registering the fourth-largest outflow.

However, Bitcoin's closing price in July reached a historic high, and structural favourable factors in the market remain, including the clarification of regulatory frameworks, the expansion of stablecoin applications, and the acceleration of institutional tokenization processes. The options market shows that institutional investors are highly interested in the bullish options combination strategy set to expire on August 29, with strike prices ranging from $118,000 to $126,000, indicating that the market still holds a cautiously optimistic attitude towards a rebound.

Analysts point out that attention should be paid to the important resistance level of $115,000, and the flow of ETF funds and the trend of volatility indicators may provide important guidance for the market outlook.

BTC1.97%
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