QCP analysis indicates that BTC has fallen approximately 11.6% this week, failing to recover the key momentum level. Strategy sold 32 BTC in late May to pay preferred stock dividends, and although the scale was small, it weakened market sentiment. QCP states that the Middle East situation, stalled US-Iran negotiations, rising oil prices, and stronger-than-expected US job vacancy data are putting simultaneous pressure on BTC from crypto de-leverage and macro factors. The options market shows defensive demand remains, with the 30-day at-the-money implied volatility rising to about 41.4. QCP believes that unless BTC recovers and holds the $67,000 to $68,000 range, the rebound may still face pressure.