QCP Capital says liquidity, not geopolitics, drives BTC's trend

QCP Capital has analyzed that global liquidity cycles, rather than geopolitical variables, are the primary drivers of Bitcoin's medium-term trend, The Block reported. The firm noted that despite recent tensions in the Middle East, BTC price action has remained relatively stable. While Bitcoin briefly fell to the low $60,000s last weekend following the outbreak of conflict with Iran, it recovered to the $66,000 range after approximately $300 million in long positions were liquidated. QCP Capital assessed that this deleveraging was relatively limited compared to more chaotic liquidation phases in the past.