QCP Capital: BTC recovers to $64K on falling Japanese bond yields

QCP Capital has analyzed that Bitcoin's recovery to around $64,000 was driven by a drop in Japan's 10-year government bond yield, which eased global liquidity concerns. However, the firm views the move as a temporary relief rally rather than a fundamental solution, citing Japan's high inflation, the weak yen, and an upcoming Bank of Japan (BOJ) meeting. QCP Capital noted that BTC continues to maintain support in the low $60,000s amid heightened U.S.-Iran tensions and the Fed's hawkish stance. The firm projects that institutional demand and ETF inflows will support the market as long as real interest rates and the U.S. dollar do not rise significantly. A stable recovery above $64,000 would increase the likelihood of a rebound in the second half of the year, it added.