Bitcoin (BTC) cracked $37,000 at the Jan. 28 Wall Street open as traders watched and waited for a resistance retest.<\/p>\n
Data from Cointelegraph Markets Pro and TradingViewshowed BTC\/USD returning to form after dipping to $36,175 on Bitstamp earlier in the day.<\/p>\n
As part of the range-bound behavior, hopes were held high that momentum would continue to challenge resistance levels closer to $40,000, whether or not the ultimate outcome would be a fresh correction.<\/p>\n
\"The bearish scenario seems most likely, which is exactly the reason why I think we'll see a surprising move,\" popular trader Crypto Ed said as part of comments on the immediate outlook.<\/p>\n
Fellow trader and analyst Anbessa reiterated previous demands for $38,500 to hold to proclaim the corrective phase as complete for Bitcoin.<\/p>\n
As Cointelegraph reported earlier, low funding rates are combining with an improving picture across derivative markets, something that could, ultimately, spark a timely squeeze upward.<\/p>\n
On Jan.24, Rekt Capital highlighted the area for Bitcoin to reclaim to rekindle bullishness on longer weekly timeframes. As reported, this would come in the form of $39,600 as a weekly close price.<\/p>\n
Crypto Ed, however, was not alone in his feeling of foreboding over a possible fresh breakdown.<\/p>\n
Related: Bull or bear market? Bitcoin losses from panic selling mount in 2022<\/p>\n
Despite taking liquidity during its brief dip below $33,000 earlier in the week, Bitcoin has not convinced everyone that the floor is truly in.<\/p>\n
Discussing the issue, Twitter analyst TXMC Trades, concluded that BTC\/USD \"still needs to go lower\" from the current spot price. History, it seems, supports the theory.<\/p>\n
\"It seems wrong that BTC would bleed straight down from the ATH without a relief rally, only to have the reversal be front-run without properly testing the range low,\" he argued. <\/p>\n
TXMC nonetheless noted that the bounce from $33,000 had liquidated more short positions than at any point since Bitcoin's $69,000 all-time highs last November, citing data from on-chain analytics firm Glassnode.<\/p>\n
<\/p>\n
Original post: Bitcoin (BTC) cracked $37,000 at the Jan. 28 Wall Street open as traders watched and waited for a resistance retest. Data from Cointelegraph Markets Pro and TradingViewshowed BTC\/USD returning to form after dipping to $36,175 on Bitstamp earlier in the day. Continue reading
\nBitcoin returns to $37K amid warnings that BTC price 'needs to go lower' - Cointelegraph<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"