QCP Capital Two Key Reasons Support BTC Holding the 62000 Defense Line

CoinDesk reported:


Bitcoin, after briefly dipping below $58,000 earlier this week, has been trading around $61,000 for the past few days and broke through $62,000 this morning. QCP Capital yesterday analyzed two reasons why Bitcoin is expected to hold the $60,000 support level.
Bitcoin has repeatedly challenged the $62,000 level since last night and is currently trading at $62,066, up 1.53% in the past 24 hours. Investors are closely watching whether this upward momentum can be sustained or if it is just a rebound within a downward trend.


QCP Capital: Bitcoin to Hold $60,000 Support Level
Against this backdrop, QCP Capital, a digital asset trading company, stated in a social media post yesterday that despite the US government transferring 3,940 bitcoins worth $240 million to Coinbase after obtaining liquidation approval, Bitcoin will continue to hold the $60,000 support level for the following two reasons:
Slower BTC Sell-off by the German Government
According to Arkham data, the German government’s related wallets have recently made several transfers of Bitcoin to exchanges, including:
Multiple asset transfers starting on June 19, with a total of 1,110 bitcoins transferred to exchanges.
On June 25, the wallet transferred 200 bitcoins each to Kraken and Coinbase, totaling 400 bitcoins.
On June 26, the wallet transferred 125 bitcoins each to Kraken and Bitstamp, totaling 250 bitcoins.
QCP Capital believes that the decreasing number of Bitcoin transfers from the German government to exchanges may indicate that this large-scale sell-off plan is coming to an end.
Additional Information: The wallet currently holds 45,264 bitcoins (worth about $2.76 billion).
Bitcoin Spot ETF Ends 7 Consecutive Days of Net Outflows
On the other hand, according to SoSoValue data, the Bitcoin spot ETF experienced 7 consecutive days of net outflows from June 13 to June 24, but finally saw net inflows on June 25 and 26. QCP Capital sees the end of the 7-day net outflows from the Bitcoin spot ETF as a sign of price stabilization.


Analyst: Mt. Gox Selling Pressure to Be Lower Than Expected
Regarding the negative event of Mt. Gox announcing the repayment of customer bitcoins in July, Alex Thorn, the head of Galaxy Research, also commented on X on the 24th. He believes that the selling pressure caused by Mt. Gox will be lower than expected.
He explained that since about 75% of creditors have chosen early payout (accepting a 10% discount), only about 95,000 bitcoins will be used for early compensation (the remaining BTC will take longer to be paid out):
About 20,000 tokens belong to the claim fund.
About 10,000 tokens belong to Bitcoinica BK.
The remaining approximately 65,000 tokens are owed to individual creditors.
He also expects that individual creditors will be more inclined to hold onto their bitcoins than the market expects:
Creditors are mainly long-term holders of Bitcoin. They are technologically savvy early adopters.
Individual creditors have rejected attractive offers from the claim fund for years, indicating that they prefer to get their bitcoins back rather than receive compensation in US dollars.
The capital gains tax implications of selling would be significant. With the price increase, even if they only recover 15% of their claims in physical bitcoins, the claimants have seen a 140-fold increase in the value of their recovered bitcoins since the bankruptcy (in US dollars).