QCP: Bitcoin Hit by Three Consecutive Friday Sell-Offs, But Overall Structural Uptrend Remains Intact

BlockBeats News, August 4th, QCP released daily market analysis stating: Bitcoin experienced a sell-off for the third consecutive Friday, with the price briefly testing the $112,000 support level. Since last Friday, this has triggered over $1 billion in leveraged long liquidations across the entire market. This rapid drop occurred against the backdrop of rising "risk-off sentiment" in traditional markets, primarily due to factors such as below-expected US employment data and Washington's new round of tariff policies. These factors have led to a simultaneous decline in both the US stock market and the crypto market as investors reassess the global growth and liquidity outlook.

Despite the market pullback, the overall structural uptrend has not been broken. Bitcoin's July monthly closing price set a new all-time high, and this decline appears more like a corrective retracement rather than a capitulatory sell-off. Based on historical experience, these types of pullbacks often squeeze out excessive leverage and build momentum for the next rally. More importantly, from a macro and structural perspective, there are still bullish factors in place: increasingly clear regulatory frameworks, accelerated stablecoin integration, institutional-grade tokenization projects progressing—all of which continue to strengthen the long-term fundamental logic of the crypto market.

Last night, there was significant interest in the BTC call fly combination expiring on August 29th, with strike prices at $118k / $124k / $126k, indicating that investors are betting on a rebound rally targeting $124k (above the previous all-time high). Although short-term put skew remains elevated, it has not yet reached a level of "widespread panic"—if the Bitcoin price reclaims $115k, this indicator is likely to return to normal.