Singapore cryptocurrency investment firm QCP Capital published an article pointing out that Bitcoin has demonstrated remarkable resilience against downturns under macroeconomic pressure! Despite Moody's downgrade of U.S. Treasury ratings triggering risk-averse sentiment in the stock market, BTC briefly broke through the $107,000 mark. The upward momentum came from Japanese listed company Metaplanet investing $104 million in BTC, along with institutional accumulation. However, it later fell back into a consolidation range due to long positions being liquidated. Notably, the continuous net inflow into spot ETFs corroborates stable institutional demand.

During the same period, the cryptocurrency industry welcomed a milestone event: Coinbase will officially be added to the S&P 500 index tonight, which is seen as an important sign of the mainstreaming of cryptocurrency. This news closely follows its strategic acquisition of the derivatives exchange Deribit, further boosting market optimism.

Options data shows that despite spot prices being stagnant, the premiums for BTC call options remain high across various term structures, highlighting long-term bullish sentiment.

Under macro pressures, Bitcoin's resilience is evident, supported by institutional accumulation and optimistic market expectations that together uphold a long-term bullish tone.

Currently, the market is consolidating around $103,000, with the MACD bearish bars gradually shortening and moving averages remaining parallel. There may be some trading activity tonight, and Kong Dan suggests exiting early to prevent being caught off guard by a rebound in the evening.