According to BlockBeats, QCP Capital has observed a seasonal slowdown in traditional financial markets as the summer holiday approaches. Since early July, the U.S. stock market has stagnated, indicating potential upward momentum challenges. Despite adverse factors such as increased tariffs and new threats against countries purchasing Russian oil, the stock market remains unaffected. Notably, the recent rise in the S&P 500 Index has been primarily driven by Nvidia, whose stock price has reached record highs throughout July.
Bitcoin experienced a brief pullback after surpassing $120,000, finding support near $114,000. The U.S. Dollar Index has declined by 10% this year, boosting the performance of dollar-denominated assets, including U.S. stocks, gold, and Bitcoin. However, there is a risk of a dollar rebound, which could lead to a simultaneous correction in risk assets.
QCP Capital maintains a structurally bullish outlook on Bitcoin, suggesting that a pullback to $110,000 would establish a more solid support level. Ethereum also shows strong performance, bolstered by continued corporate accumulation.
