QCP Capital: Bitcoin finds weak support at $80,000 and will closely monitor any dovish shifts from the Federal Reserve

ChainCatcher message, QCP Capital's latest analysis points out that it has been exactly one month since the S&P 500 index reached an all-time high, and the market frenzy that once dominated Wall Street and Main Street, along with the narrative of American exceptionalism, has faded. Market sentiment has clearly shifted, and the pressing question now is: "How much longer will this pain last?"

The latest victims of the market downturn include some of the largest macro hedge funds, which were forced to stop losses during this month's plunge. Millennium reported losses of $900 million from just two teams, while Brevan Howard's flagship fund has dropped 5% year-to-date, prompting it to impose stricter risk limits on traders. For these traders, the music has not completely stopped, but it is undoubtedly slowing down.

The biggest near-term risk is the upcoming April 2 deadline, when Trump is expected to announce a new round of reciprocal tariffs. This remains the most direct resistance facing risk assets. Tonight's Federal Reserve FOMC meeting is likely to keep interest rates unchanged. However, QCP Capital will closely monitor any dovish shifts, particularly regarding changes in growth and inflation expectations. Given that the impact of tariffs takes months to ripple through the economy, the Fed is expected to remain in "wait-and-see" mode. While the tariff decision on April 2 has already been hinted at, it remains a key uncertainty.