BTC lags behind at $66,000 despite global rally

According to the latest market analysis from QCP Capital, Bitcoin remains stuck below $66,000 even as global risk appetite rebounds. The firm attributes this sluggish performance to concerns that Strategy may be forced to sell more Bitcoin in the future to meet its dividend obligations.

Market optimism fails to lift BTC

Over the weekend, reports of a memorandum of understanding between the United States and Iran fueled a surge in risk sentiment across global markets. Expectations that the agreement could de-escalate hostilities and reopen the Strait of Hormuz added to the positive momentum.

In this environment, S&P futures climbed more than 100 points above Friday’s close, testing fresh record highs. Meanwhile, crude oil prices dropped below $75 per barrel, reflecting a market assessment that persistent energy supply risks had eased.

In contrast to the rally in equities and other risk assets, Bitcoin did not follow suit. QCP Capital noted the divergence, highlighting that Bitcoin’s underperformance compared to broader market gains was noteworthy. The company identified uncertainty around Strategy’s moves as the main driver behind this disconnect.

Strategy’s moves under close watch

Strategy, formerly known as MicroStrategy and recognized for its Bitcoin-focused treasury approach, recently took significant financial steps. The US-based software and asset management company repurchased $1.5 billion of its 2029 convertible senior notes, then raised about $200 million through an MSTR stock sale, using those proceeds to acquire more Bitcoin.

According to QCP Capital, this maneuver extended the company’s cash coverage for dividend payments to roughly 7.5 months. However, market participants are closely monitoring whether this window remains sufficient and what further capital strategies might imply for Bitcoin supply over time.

QCP Capital emphasized that the current unease is not just about today’s cash position. If future stock issuances slow or if Bitcoin’s price falls, the prospect of Strategy needing to offload more Bitcoin could become a bigger topic of discussion. As a result, fears of additional BTC sales to cover obligations remain a source of market pressure.

Uncertainty lingers over Federal Reserve policy

Meanwhile, attention also turned to the US Federal Reserve. The report referenced Fed Chair Kevin Warsh’s first term, during which inflation rose to a three-year high of 4.2 percent, underscoring a challenging policy environment.

Markets are currently pricing in a total interest rate increase of 0.5 points by 2026. Investors are closely watching the recently released Dot Plot and any signals regarding whether the Fed will maintain a tight monetary stance. According to QCP Capital, until the company-specific overhang is resolved, Bitcoin may continue to struggle to move in tandem with the broader market rally.

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