QCP: BTC briefly fell below $63,000 before rebounding to around $70,000

On March 11, QCP Capital analysis pointed out that, under the geopolitical shock triggered by the Iran conflict, BTC briefly fell below $63,000 before rebounding to around $70,000, demonstrating relative resilience. Option market volatility has dropped to the mid-50s, risk reversals remain negative, and demand for downside protection continues. On the macro level, the stock market is under pressure, US Treasury yields are rising, and expectations for interest rate cuts have been postponed, presenting a stagflation characteristic in the market. Brent crude oil briefly surged to $120 before retreating, and the IEA plans to coordinate the release of 300-400 million barrels of strategic reserves. Currently, BTC is increasingly acting as a liquidity-sensitive macro tool, and the market is focusing on today's US CPI data.