Bitcoin (CRYPTO:BTC) has maintained resilience above the $60,000 mark, closing above this level for 118 days in 2024 despite recent fluctuations.
QCP Capital highlighted that governmental sell-offs, notably reduced by the German government, have eased supply pressures, supporting Bitcoin's stability.
The slowdown in Bitcoin transfers by Germany, with only 250 BTC moved recently, suggests a potential halt in selling activities, according to QCP.
Additionally, QCP noted a turnaround in spot Bitcoin ETFs, with $52.4 million in net inflows over the past two days following a week of outflows.
This renewed investor interest signals growing confidence in Bitcoin's market strength amid recent market events like the Mt Gox release.
QCP Capital anticipates a favorable environment for Bitcoin's gradual accumulation and expects further market consolidation as a result.