QCP: Bitcoin may face ETF-related selling pressure around $95,000, while the $80,000-$82,000 range remains a key support level

QCP's analysis states that BTC is currently stable at a high of $90,000, with market risk sentiment improving and the expectation of a rate cut in December rising to 85%. However, macro signals remain complex, with inflation still high and labor data weak.

Warning signals have emerged in the AI credit sector, with credit default swaps (CDS) widening, raising market concerns about Nvidia's accounts receivable and rising inventory. The capital flow in the cryptocurrency market shows a similar trend: ETFs continue to see outflows, and most products are trading below their net asset value. MicroStrategy's strategy is once again under scrutiny, as its BTC holdings are nearing the breakeven point, and its stock has been placed on the MSCI delisting watchlist.

The options market reflects cautious sentiment, with an increased correlation between Bitcoin and AI stocks, and the fear and greed index declining. Technically, Bitcoin may face ETF-related selling pressure around $95,000, while the $80,000 to $82,000 range remains a key support level.