TechFlow news, on January 9, the latest analysis from QCP Capital indicated that after successfully testing the key support level at $92,500, Bitcoin rebounded to $95,200 last night. However, this morning's Asian trading session turned bearish for Bitcoin following news that the U.S. government plans to sell seized Silk Road Bitcoin.
Cryptocurrency prices continue to be affected by macro headwinds. The Federal Reserve's released meeting minutes last night showed a more hawkish stance, stating it would slow the pace of rate cuts due to rising inflation risks. Yesterday's ADP employment report also added to macro uncertainty, showing slowdowns in both private-sector hiring and wage growth—contrasting sharply with the stronger labor market picture suggested by Tuesday's JOLTS job openings data.
In the options market, curves across all tenors have steepened. 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 from last night.
QCP expects Bitcoin to consolidate within a range of $92,000–$95,000 during today’s U.S. market holiday. A break below $92,000 could lead to further downside toward the $90,000 psychological level.
