QCP: If Bitcoin breaks through its historical high, it may trigger a new round of fear of missing out (FOMO) market, further pushing up the coin price.

BlockBeats News, on May 21, QCP released a daily market observation that the yield on 30-year Japanese government bonds (JGB) broke through 3%, breaking through the historical mark, and Japan’s ballooning debt problem has long been a potential concern and is now approaching a tipping point. If this bond sell-off persists and fiscal concerns intensify, a reassessment of Japan risks could push the yen stronger in the near term. The turmoil in the Japanese market has already begun to ripple through the global market. With the US 30-year Treasury yield back above 5%, investors are turning their attention to the US debt path. Meanwhile, Bitcoin attempted to break above the $108,000 mark today, but failed to maintain momentum. The current price action is closely linked to the overweights of Strategy and Metaplanet, which remain the main sources of buying at the moment. But there is growing concern that they may represent the last wave of “marginal buyers”. A slowdown in buying could trigger other investors to take profits, reversing the current uptrend. Bitcoin has shown surprising resilience over the past month despite ongoing headwinds at the macro level, including surging bond yields, tariff escalation, and potential stagflation risks in the U.S. in the third and fourth quarters of 2024. Having said that, once the price successfully breaks through the all-time high, it may trigger a new round of FOMO sentiment, pulling side-of-the-market funds into the market and further pushing the price higher.