QCP: Bitcoin consolidates around $97,000, breaking through $100,000 still requires key catalysts

The QCP analysis points out that Bitcoin is fluctuating due to the liquidation of $1.5 billion in long positions, rebounding from the key $95,000 support level after a 3,000-point drop, and currently consolidating between $97,000-$98,000. The spot ETFs for Bitcoin and Ethereum have performed impressively, recording net inflows for 8 and 11 consecutive days, respectively. Against the backdrop of political stability in France and South Korea, macroeconomic volatility has eased slightly as inflation data is about to be released, and Asian markets have rebounded due to the promise of stimulus measures in China. The short-term options implied volatility for Bitcoin and Ethereum remains elevated and is biased towards put options. A key catalyst will be the drive to propel prices to breach the $100,000 mark again.