According to Mars Finance, on November 10, QCP Capital posted on social media that Bitcoin returned to $106,000 after several attempts to break below $100,000, boosted by optimistic sentiment regarding the U.S. government funding agreement. Despite ongoing OG dumping and ETF capital outflows, this rebound still occurred. The options flow remains mixed—buying bullish butterfly options indicates market optimism, while selling bullish spread options limits the market's expectations for new highs this year. However, Bitcoin's ability to absorb OG supply pressure is similar to past Silk Road and Mt. Gox cycles, reflecting a stronger market depth currently. Although DAT (high-value trading accounts) activity has decreased, its impact on market sentiment remains crucial. Bitcoin holding above $100,000 provides breathing room for the U.S. Treasury market, but if Bitcoin's price breaks above $118,000, it may attract a new round of OG dumping.
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