According to BlockBeats, on January 9, QCP Capital's latest analysis pointed out that Bitcoin rebounded to $95,200 last night after successfully testing the key support level of $92,500. However, after news broke that the US government plans to sell seized Silk Road Bitcoins, Bitcoin's outlook turned bearish in the Asian early trading today.
Cryptocurrency prices continue to be affected by macroeconomic adverse factors. The Federal Reserve's meeting minutes released last night showed a more hawkish stance. The Fed stated that, given the rising inflation risks, it will slow down the pace of interest rate cuts. The ADP employment report released yesterday also added to macroeconomic uncertainty, indicating that private sector hiring and wage growth have both slowed. This stands in stark contrast to the robust job market depicted by the JOLTS job vacancies data released on Tuesday.
In the options market, curves for all maturities steepened, with the 3-6 month spread widening by 1.5 volatility points and the 6-12 month spread rising above 1 volatility point. Trading desks continue to observe that near-month volatility is under pressure, with the at-the-money options expiring on January 17 dropping by 3 volatility points compared to last night.
QCP expects Bitcoin to consolidate in the $92,000-$95,000 range during the US market closure today. If it falls below $92,000, it may further test the $90,000 psychological level.
