Bitcoin has experienced a decline of more than 6% over the past week, temporarily falling below $60,000. Despite the subsequent rebound, the recovery appears to have stalled around $61,500, raising fears of further losses among investors.

This is especially true considering that the US government transferred 3,940 BTC to Coinbase Prime after receiving liquidation approval.

However, QCP Capital is confident that Bitcoin can hold support at $60,000.