**[QCP: Bitcoin's Upside Momentum Remains Limited, Macro Variables Are Key Constraints]** BlockBeats News, August 7, QCP Capital published an article stating that Bitcoin has rebounded from its early-week low of approximately $62,500 and is currently fluctuating around $64,000. The notable aspect of this rise is not the momentum itself but the pressure absorbed by the market: Strategy sold 1,638 Bitcoins, cashing out approximately $105 million; meanwhile, the reported losses from the Coldcard security incident have risen to about $110 million. However, neither of these events caused Bitcoin's price to sustain a drop below its current levels. The options market reflects a similarly calm sentiment. Front-end implied volatility remains at the lower end of its recent range, and downside skew has eased, despite the complex macro environment. In the U.S., July manufacturing showed signs of improvement, but labor market indicators softened. JOLTS job openings fell to 7.36 million, and ADP employment numbers increased by only 44,000, making today's U.S. employment report a focal point for the market. Meanwhile, uncertainty in the Strait of Hormuz has pushed Brent crude oil back above $83. Japan remains another critical liquidity variable. Following joint intervention to support the yen, and with domestic yields rising, the Bank of Japan still holds about half of Japan's outstanding government bonds. The impact of Japan's liquidity environment has now far exceeded the foreign exchange market itself. For the crypto market, key distinctions remain significant: resilience has improved, but momentum remains limited. Macro liquidity, energy markets, and the timeline for U.S. digital asset legislation continue to be core variables that require close attention.