Bitcoin Price Returns Over $37k Despite Cautions, But Why?

Bitcoin Price Returns Over $37k Despite Cautions, But Why?

2022-01-30 | Big Bob

Bitcoin Price Returns Over $37k Despite Cautions, But Why?

Bitcoin (BTC) broke above $37,000 at the Wall Street open on January 29th as traders waited for a barrier retest.

BTC manages to avoid a big resistance test

According to CoinMarketCap and Trading1View data, BTC/USD is resuming its normal pattern after falling to $36,211 on Bitstamp earlier in the day.

As part of the range-bound behavior, traders hoped that impetus would keep pushing resistance levels closer to $40,000, regardless of not the end result would be a new downturn.

"The negative scenario appears most plausible, which is precisely why I believe we'll see an unexpected move," prominent trader Crypto Ed remarked in comments on the imminent prognosis.

Anbessa, a prominent trader as well as analyst, restated prior requests for $38,500 in order to declare Bitcoin's corrective phase over.

As previously highlighted, low financing rates are merging with an improved image throughout derivative markets, which might eventually cause a timed push upward.

Rekt Capital indicated the region for Bitcoin to regain on longer weekly periods on January 24. As previously said, this would take the shape of a weekly close price of $39,600.

"Similar sentiments" to the beginning of 2018

Crypto Ed, on the other hand, was not isolated in his fear of a probable new collapse.

Despite gaining liquidity during a short plunge below $33,000 earlier this week, Bitcoin has yet to persuade everyone that the floor has been reached.

TXMC Trades, a Twitter expert, discussed the topic and determined that BTC/USD "still has to fall lower" from its present spot pricing. History appears to back up the theory.

TXMC, quoting data from on-chain analytics firm Glassnode, stated that the rally from $33,000 has liquidated greater short bets than at any moment since Bitcoin's all-time highs of $69,000 in November.

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