QCP Capital: Bitcoin surged and then retreated following the dollar's decline, with structural pressures re-emerging.

QCP Capital officially stated that during the early Asian trading session, Bitcoin, gold, and silver all rose in tandem as the US dollar plummeted. This volatility coincided with comments from Powell, who stated that the Justice Department's subpoenas against the Federal Reserve and the threat of potential criminal charges on Friday were seen as retaliation for the Fed's refusal to cooperate with President Trump's preferred interest rate policy path, rather than issues related to Powell's June congressional testimony. While the initial volatility may have suggested the market was again attempting to position Bitcoin as a hedge against fiat currency system or institutional risk, subsequent momentum was clearly weak. Bitcoin failed to maintain a close above $92,000 and retreated sharply after the European open, repeating a pattern that occurred multiple times in the fourth quarter of last year. This failure to capitalize on the so-called bullish narrative highlights the structural resistance Bitcoin has faced since October 10th, and market optimism regarding a breakout in the first quarter is fading. Looking ahead, near-term volatility risks will remain high. The market will remain sensitive to the US CPI data on Tuesday (January 13), and the US Supreme Court's tariff ruling on Wednesday (January 14) could further impact cross-asset allocation and risk sentiment.