PANews reported on January 9 that according to the market report released by QCP Asia, Bitcoin (BTC) rebounded to $95,200 last night after successfully testing the key support of $92,500. However, due to the news that the US government sold Silk Road and confiscated BTC, the market outlook for BTC in the early Asian session today remains bearish.
Unfavorable macroeconomic factors continue to drag down the performance of the crypto market. The minutes of the Federal Reserve meeting showed that its monetary policy stance tended to be hawkish, and it planned to slow down the pace of interest rate cuts to cope with inflation risks. In addition, yesterday's ADP employment survey showed a slowdown in private sector hiring and wage growth, which was in sharp contrast to Tuesday's strong JOLTS job vacancy data, further exacerbating market uncertainty.
In the options market, the volatility curve steepened across all maturities, with the March-June and June-December spreads widening by 1.5 and 1 volatility points, respectively. There is still selling pressure on the volatility of short-term options, with the volatility of at-the-money options on January 17 falling by 3 points from last night.
As the U.S. market is closed today, the BTC price is expected to consolidate in the range of $92,000 to $95,000. If it falls below $92,000, it may fall further to $90,000.
