Bitcoin (BTC) struggled to maintain bullish momentum on Jan. 30 as the countdown to the monthly close kept the market on edge.
BTC Price Sees a Flash Drop Below $23,000
Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair had hit its latest daily highs just below $24,000.
Although this is Bitcoin’s best performance in nearly six months, it struggled to hold up early in the week as it briefly dipped below $23,000 in pre-Wall Street trading.
At the time of writing, Bitcoin was trading around $23,250, while US equities limped in the final days of January.
Among the topics of interest to analysts was the gap in CME Bitcoin futures over the weekend that was quickly “filled in” by the spot.
“Gaps” on the futures chart often act as a short-term price magnet for cash once the futures markets reopen after the weekends. Another remained open between $19,970 and $20,530 or so.
“CME Gaps Filled And Overcome Now Because Stock Futures Are Negative”, wrote popular trader John Wick in his latest Twitter update.
“We have a wild week ahead of us!”
For its part, Material Indicators, an analytical resource, focused on order book activity on Binance, with long and short positions that could signal a bullish continuation.
“Sometimes looking at leveraged assets on Binance can give clues as to what is happening with the underlying. BTCDOWN is at resistance and BTCUP is approaching support”, commented a long and short chart.
“Things don’t have to play out as these charts indicate, but so far they do correlate to the current BTC PA.”
Bitcoin analyst ‘not convinced’
As to whether Bitcoin would stick with the bullish weeks before the monthly close, others were far from confident.
Among them was Crypto Ed, who in a note to his followers said he was “still not convinced” about the overall strength of Bitcoin.
An accompanying chart featured a possible retest of $22,000 as a downside target.
As Cointelegraph reported, the area around $25,000 had constituted a significant cloud of resistance for Bitcoin, being an area of significant potential short selloffs.
Nonetheless, that price remains a popular target should the bulls regain their firepower.
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