Bitcoin (BTC) struggled to maintain bullish momentum on January 30 as the countdown to the monthly close kept markets nervous.
BTC price saw a flash below $23,000
Data from Cointelegraph Markets Pro and TradingView show BTC/USD coming off a recent high below $24,000 on the day.
This, while the best performance of Bitcoin for nearly six months, encountered problems with staying power as the week began, with pre-Wall Street trading seeing a short trip below $23,000.
At the time of writing, Bitcoin is trading at around $23,250 as US equities limped in the last few days of January.
Among the interesting topics for analysts is the CME Bitcoin futures gap from the weekend quickly “filled” with points.
“Gaps” on the futures chart often act as short-term price magnets for the point when the futures market reopens after the weekend. The rest remain open between roughly $19,970 and $20,530.
“CME gap filled and overshooting now bc Equity futures went negative,” popular trader John Wick write in his latest Twitter update.
“We are in for a wild week!”
The Material Indicator Analytics resource focuses on order book activity on Binance, with longs and shorts that may signal continuation.
“Sometimes looking at leveraged assets on binance can give you a clue as to what’s going on. BTCDOWN is at resistance and BTCUP is approaching support,” commented on the long and shorts chart stated.
“It doesn’t have to be played as the chart shows, but so far it has to do with BTC’s current PA.”
Bitcoin Analysts “Not Convinced”
Whether Bitcoin will make good on the up week before the monthly close, others are unsure.
Related: Best January since 2013? 5 things to know in Bitcoin this week
Among them is Crypto Ed, who in a note to his followers that he is “not sure” about the overall strength of Bitcoin.
The accompanying chart shows a retest of $22,000 as a downside target.
As Cointelegraph reported, the area around $25,000 has become a significant cloud of resistance for Bitcoin, which is a potentially significant short liquidation area.
That price remains a popular target if the bull recovers its firepower.
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