QCP: The market has become extremely overbought due to excessive leverage, so a correction is inevitable

According to BlockBeats, QCP released a daily view saying that Bitcoin has fallen below $93,000 and more than $430 million in long positions have been liquidated. The decline coincided with the end of the five-day trend of net inflows in the spot ETF, which recorded a net outflow of $438 million on Monday, while MicroStrategy's stock price fell 4.4%.
This comes after MicroStrategy purchased a record $5.4 billion worth of Bitcoin last week.With the U.S. holiday approaching and no immediate catalyst to drive prices higher, Bitcoin’s path to the symbolic $100,000 mark has been put on hold for now.
Ethereum's implied volatility is heavily skewed towards put options, reflecting similar market sentiment to Bitcoin, and the market is correcting. With the Fed minutes tonight and personal consumption expenditures (PCE) data approaching on Wednesday, concerns about downside risks may increase. However, in the overall context, this is not an excessive correction. Bitcoin has only fallen back to the level at the beginning of last week. Since the election, the market has become extremely overbought due to excessive leverage, so a correction is inevitable.