QCP analysis indicates that BTC has fallen about 11.6% this week and has failed 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 US job openings data exceeding expectations are putting simultaneous macro and crypto deleveraging pressure on BTC. The options market shows that 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.