• Bitcoin tested the $92,000 level yesterday after falling from a weekly high of $102,000 as sell pressures mounted
• Macroeconomic factors cause doubts about the market strength as sticky inflation becomes a concern
• Spot crypto ETFs logged large outflows on Wednesday following the release of the Fed meeting notes

Bitcoin’s price has fallen from a high of $102,667 reached on Tuesday, January 7 to $94,890.00 as of publishing, but remains within the last H4 demand zone.

While the demand zone between $92,000 and $97,000 may be the last support level on the H4 timeframe, a broader market view shows that BTC is in a premium zone on the daily time frame. As a result, a push below $92,000 still puts the price in bullish territory.

The best technical buy levels would either be at the last break of structure on the daily timeframe or at the 50% Fibonacci level from the lowest point to the break.

There are two fair value gaps from which the price could react. While they are not major zones, they could support a continuation back to the external high at $108,000 or a brief relief rally before continued sell to the first probable support zone.

This is all predicated on Bitcoin breaking below the $91,000 level.

Meanwhile, spot crypto ETFs recorded outflows on Wednesday, January 9 after the release of the US Federal Reserve’s meeting minutes. These showed that the Fed is cautious about inflation and the effects of Trump’s incoming policies.

BTC ETFs bled $568.8 million on Wednesday while ETH ETFs lost $159.4 million with the biggest outflows from Fidelity ($258.7 million for BTC and $147.7 million for ETH).