PANews reported on January 9 that according to the market report released by QCP Asia, Bitcoin (BTC) rebounded to $95,200 after successfully testing the key support of $92,500 last night. However, due to the news that the US government is selling the confiscated BTC from Silk Road, BTC's market outlook in Asia's early trading session today is still bearish.

Unfavorable macroeconomic factors continue to weigh on the performance of the crypto market. The minutes of the Federal Reserve meeting showed that its monetary policy stance is becoming more hawkish, planning to slow the pace of rate cuts to address inflation risks. In addition, yesterday's ADP employment survey showed a slowdown in private sector hiring and wage growth, which is in stark contrast to the strong JOLTS job vacancy data on Tuesday, further increasing market uncertainty.

In the options market, the volatility curve has become steeper across all maturities, with the spread between March-June and June-12 months expanding by 1.5 and 1 volatility points respectively. There is still selling pressure on the volatility of short-term options, with the at-the-money option volatility down 3 points from last night.

As the US market is closed today, it is expected that the BTC price will consolidate in the range of $92,000 to $95,000. If it falls below $92,000, it may further drop to $90,000.