Bitcoin Eyes $110,000 Support Amid US Dollar Rebound Risk, Says QCP Capital
QCP Capital reported on July 16 that Bitcoin experienced a brief retracement after surpassing the $120,000 mark, stabilizing near $114,000. This movement reflects a critical support level amid heightened market volatility. The US dollar index has depreciated by approximately 10% year-to-date, bolstering the appeal of dollar-denominated assets such as US equities, gold, and Bitcoin.
Market analysts highlight a potential rebound risk for the US dollar, which, if realized swiftly, could prompt a synchronized correction across various risk assets. Despite this, QCP Capital retains a structural bullish outlook on Bitcoin, suggesting that a retracement to $110,000 would establish a firmer foundation for future gains. Meanwhile, Ethereum (ETH) continues to demonstrate robust performance, supported by ongoing institutional accumulation and positive market sentiment.