QCP: Bitcoin is stable in the short term but pressure is accumulating; 80-82k is a key support level.

In its latest market memo, QCP Asia stated that Bitcoin is currently holding steady in the high $80,000 range, driven by improved risk sentiment and an upward revision of the probability of a December rate cut to 85%. However, macroeconomic signals remain mixed: inflation remains high, employment data is weak, and key data releases such as initial jobless claims and ADP are still due this week. QCP pointed out that AI-related credit indicators are weakening, CDS is expanding, and market concerns about Nvidia's rising accounts receivable and inventory levels are intensifying; crypto fund flows are also bearish, with ETFs experiencing continued net outflows, and most products trading below 1 mNAV. Strategy has once again attracted market attention due to its Bitcoin holdings approaching cost price and its stock being placed on MSCI's watch list. Looking ahead to the end of the year, BTC positions show a structure of "heavy hedging on the downside and limited buying on the upside": significant pressure is seen around $90,000, while the $80-$82k range is a key support level. QCP asked whether the current temporary stability can be sustained, or whether a new market trend is brewing.