QCP: Bitcoin surge past $90,000 sealed its status as institutional Treasury asset

Bitcoin just blew past the $90,000 mark, and QCP Capital is calling it. “BTC has entered a new phase,” it said in a recent Telegram post.

This is Bitcoin digging its way into a new role, one that traditional finance types are taking seriously. QCP says we’re looking at a treasury asset here—something that corporations, governments, and major institutions are increasingly holding, not just trading.

Since the U.S. election, BTC ETFs have raked in a mind-boggling $2.28 billion in just three days. And it’s still heating up. Last week alone, the ETFs attracted $1.8 billion, and the pace didn’t let up, with another $1.1 billion pouring in at the start of this week.

Dogecoin gets its moment

Just when Bitcoin was lighting up the stage, another crypto character stole the spotlight for a moment. Dogecoin (DOGE).

This memecoin shot up like a rocket on Tuesday night, riding a post-election surge after none other than Donald Trump announced the “Department of Government Efficiency” or, as you might’ve guessed, the “DOGE.”

Trump roped in Tesla’s Elon Musk and former Republican candidate Vivek Ramaswamy to lead the charge. Their game plan? Slash government bloat, kill off excess regulations, and “streamline” federal agencies. The reaction was immediate.

DOGE shot up nearly 20%, trading at $0.37 in the early hours after spiking to $0.43. Since Nov. 5, the apex meme coin has climbed an insane 153%, even outperforming Bitcoin’s 30% rise. And in a pretty wild twist, DOGE shoved XRP out of its spot to claim sixth place in the market cap rankings.

Bitcoin miners hit the sell button

Now, not everyone’s holding tight to their Bitcoin. Miners, the folks who grind through computational work to keep the network running, started offloading as soon as BTC crossed this new high. It’s a classic: miners see $90,000, and they cash in some chips.

The Miners Position Index (MPI)—basically a gauge of how much miners are selling—went over 2, which is high. Anytime this index crosses 2, miners are selling at levels that can actually tip the market. It’s not surprising; Bitcoin’s price is at a level where miners might be looking to cover their operational costs, especially after holding through volatile swings.

But it’s not just the miners jumping ship. Profit-taking kicked in across the board as Bitcoin touched new highs. It’s a feeding frenzy, with sellers lining up to take gains while the price is hot. And it didn’t stop there. Leveraged traders, those who borrow to bet big, got squeezed hard.

When the price adjusted, $42 million worth of long positions—basically bets that the price would keep going up—went up in smoke. The massive sell-off cooled the market’s leverage, with funding rates falling to a mere 0.008%, hinting that traders on the long side have been scared senseless by their losses.

The action didn’t let up. As Bitcoin’s price dipped, a switch-up hit the futures market. While some futures traders piled into short positions, betting Bitcoin would drop, others in the U.S. came in hot on Coinbase, buying up spot Bitcoin instead, pushing it back to $90,000.

This back-and-forth is typical of Bitcoin. You’ve got short-term traders panicking while long-term players swoop in, grabbing more Bitcoin as the smaller guys bail out. At the end of the day, the big money in Bitcoin is showing no signs of letting up.

Technical indicators show strong trends with a side of caution

Right now, Bitcoin’s price is sitting comfortably above the 50-period moving average, a sign that the bulls are running things. And here’s where it gets interesting: the 50-period moving average is above the 200-period, forming what the traders call a “golden cross.”

However, while Bitcoin’s price has largely been holding strong, there have been some dips below the 50-period mark, only to bounce right back. Every time BTC dips, there’s a swarm of buyers ready to scoop it up, driving the price back up and keeping it above those key levels.

The On-Balance Volume (OBV) indicator—basically a measure of buying and selling pressure—is climbing right alongside Bitcoin’s price. When OBV climbs, especially during a rally, it’s a sign that there’s real volume backing up the price action, not just hype.

But there’s some pushback at these levels, with Bitcoin’s price hitting resistance zones that have traders on edge. The chart is full of “double top” and “double bottom” formations, those little signals traders look for to gauge where prices might stall or bounce.

We’re seeing more double tops than bottoms, meaning Bitcoin is struggling to break through certain levels. The miners’ selling pressure only adds to that resistance, making it harder for Bitcoin to hold above the record-breaking highs without pulling back a bit.

And then there’s the MACD, which traders use to spot shifts in momentum. It shows some cracks in Bitcoin’s upward drive. When Bitcoin first shot up, the MACD line was clearly above the signal line, a green light for bulls.

But as BTC hit that $90K mark, the MACD line started creeping closer to the signal line, even crossing below in a few spots.