QCP Says Bitcoin Edges Higher as Strategy Concerns Ease, Sees Rangebound Trading Ahead

The cryptocurrency market is likely to remain rangebound for the time being, QCP Capital said.

In a market report cited by Odaily on June 23, QCP said Bitcoin's recent move back above $65,000 was driven by Strategy's additional Bitcoin purchases. Strategy bought 520 more Bitcoin a day earlier, while its cash holdings increased by $300 million to $1.4 billion.

QCP said liquidity concerns had eased as the period during which Strategy can secure funds for dividend payments extended to about 10 months. Strategy's preferred stock product, STRC, has also climbed back above $90, it added.

Still, the backdrop for risk assets remains mixed. Large technology stocks are under pressure, with the Nasdaq down about 1%, while the weaker dollar has revived speculation that the Bank of Japan could intervene in the foreign-exchange market, the report said.