QCP Capital: Bitcoin is expected to consolidate in the $92,000–$95,000 range during today's U.S. market holiday.
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QCP Capital: Bitcoin is expected to consolidate in the $92,000–$95,000 range during today's U.S. market holiday.
QCP Capital's latest analysis noted that Bitcoin rebounded to $95,200 last night after successfully testing the key support level at $92,500. However, sentiment turned bearish during today's Asian morning session following news that the U.S. government plans to sell seized Silk Road Bitcoin. Cryptocurrency prices continue to face macro headwinds, with last night's release of the Fed meeting minutes showing a more hawkish stance. QCP expects Bitcoin to consolidate within the $92,000–$95,000 range today amid the U.S. market holiday. A break below $92,000 could lead to further downside.
Navigating Web3 tides with focused insightsTechFlow news, January 9 — QCP Capital's latest analysis indicates that after successfully testing the key support level at $92,500, Bitcoin rebounded to $95,200 last night. However, sentiment turned bearish during today’s Asian morning session following reports that the U.S. government plans to sell Bitcoin seized from the Silk Road.
Cryptocurrency prices continue to face headwinds from macroeconomic factors. The Federal Reserve’s released minutes yesterday revealed a more hawkish stance, stating it would slow the pace of rate cuts amid rising inflation risks. Yesterday’s ADP employment report further added to macro uncertainty, showing slowdowns in both private-sector hiring and wage growth—contrasting with the stronger labor market picture suggested by Tuesday’s JOLTS job openings data.
In the options market, curves have steepened across all tenors. The 3-6 month spread widened by 1.5 volatility points, while the 6-12 month spread rose above 1 volatility point. Trading desks continue to observe pressure on near-term volatility, with at-the-money options expiring January 17 down 3 volatility points since last night.
QCP expects Bitcoin to consolidate within the $92,000–$95,000 range during today’s U.S. market holiday. A break below $92,000 could lead to further downside toward the $90,000 psychological level.
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