QCP Capital: Dollar Rebound Risk Could Trigger Pullback in Bitcoin and Other Risk Assets

BlockBeats News, July 16th, QCP Capital posted on its official channel, stating that as the summer holiday approaches, the trading volume in the traditional financial markets tends to slow down seasonally. The U.S. stock market has been stagnant since early July, showing a sideways trend that may indicate a lack of upward momentum. The stock market seems unfazed by adverse factors such as increased basic tariffs and new threats against oil-buying countries. It is worth noting that the recent rise in the S&P 500 index was mainly driven by NVIDIA, whose stock price has continuously hit new all-time highs in July.

After breaking through $120,000, Bitcoin experienced a brief pullback and found support around $114,000. The U.S. dollar index has fallen by 10% this year, boosting the performance of USD-denominated assets such as U.S. stocks, gold, and Bitcoin. There is currently a risk of a dollar rebound, and a rapid dollar recovery could lead to a simultaneous pullback in risk assets.

Furthermore, QCP maintains its structurally bullish view on BTC, believing that a pullback to $110,000 would establish a stronger support level. ETH has also shown strong performance, bolstered by continued corporate accumulation.