Bitcoin tested the $92,000 level yesterday after falling from a weekly high of $102,000 amid mounting selling pressure. Macroeconomic factors are raising doubts about the strength of the market, amid concerns about persistent inflation. Large outflows were recorded from spot crypto ETFs on Wednesday following the release of the Fed meeting memo.
Bitcoin price has fallen from its all-time high of $102,667 on Tuesday, January 7th to $94,890.00 at the time of publication, but remains within the last H4 demand zone.
While the demand zone between $92,000 and $97,000 could be the final support level on the H4 timeframe, a broader look at the market shows that BTC is in a premium zone on the daily timeframe. Therefore, even below $92,000, the price remains in bullish territory overall.
The best technical buy level will be either the last break of the daily timeframe structure or the 50% Fibonacci level from the low to the break.
There are two fair value gaps to which prices can react. Although these are not major zones, they could support a continued return to the $108,000 external high or a temporary relief rebound before a continued sell-off into the first possible support zone. There is.
This is all assuming Bitcoin falls below the $91,000 level.
Meanwhile, spot crypto ETFs recorded outflows on Wednesday, January 9, after the release of Fed meeting minutes showing the Fed is cautious about inflation and the impact of Trump’s next policy.
On Wednesday, the BTC ETF lost $568.8 million, while the ETH ETF lost $159.4 million with the largest outflow from Fidelity (BTC $258.7 million, ETH $147.7 million). dollar).
