Bitcoin dives below $33K to fill futures gap amid record BTC ‘hodling’

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Bitcoin (BTC) set new lows of several months on January 24 when the new week started with classic price action.

1-minute candlestick chart for BTC / USD (Binance). Source: Trading View
“Rangeplay” for BTC after filling the CME hole
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD fell to $ 32,967 on Bitstamp before Wall Street opened on January 24.

This level marks the start of the remaining gap in CME futures from July 2021, and bitcoin almost “filled” the dollar before it appeared, adding over $ 1,000 in minutes.

Given the obvious fluctuations in the atmosphere, expectations for trading in the US stock markets were high.

“Now bitcoin will struggle between $ 34.1k- $ 34.4k. If it recovers, a possible $ 38,000 test is possible,” Cointelegraph contributor Michael van de Poppe summed up on Twitter, noting that the CME hole was closed.

“Rangeplay at the moment”.
At the time of writing, BTC / USD is trading at just under $ 34,000 with about an hour and a half left before US trading opens.

With the downscaling, it does not appear that investor behavior is in line with concerns about short-term sellers. As investor and entrepreneur Alistair Milne pointed out, the share of the bitcoin supply, which has remained stable for a year or more, has reached levels not seen under previous capitulations.

Even after breaking the bottom of the bear market in 2018 when Bitcoin reached $ 3,100 after falling above 80%, the current momentum among long-term investors has been palpable.

On-chain data from the analysis company Glassnode HODL Waves confirmed the presence of active fraudsters.

Bitcoin HODL Waves Chart (Screenshot). Source: Unchained Capital
Ether attracts $ 1800
Things looked darker for today’s most important cryptocurrencies, with Ether (ETH) falling almost 11% to almost $ 2,000.

Related: Bitcoin enters the value zone when the bitcoin price scale turns green again

It is not only the largest altcoin by market value that has experienced a sharp decline: the top ten has fallen, led by Solana (SOL), which is down almost 18% at the time of writing.

For the popular trader and analyst Pentosha, the stakes for keeping an eye on are now below $ 2000 support – more than 60% below the recent highs.

“USD Ethereum is a great buy for $ 1800, and I still believe when we get there,” he said Jan. 23, adding the $ 40 USD / USD target as a “fair target.”

Source: CoinTelegraph

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