Bitcoin (BTC) received a welcome boost at the Wall Street opening on January 31, when new research paints a gloomy picture of short-term price action.
BTC / USD 1 month candle chart (bit stamp). Source: Trading View
The trader is “not interested” in long positions below $ 38,500.
Data from Cointelegraph Markets Pro and TradingView showed the BTC / USD pair rising to $ 38,000 on Monday, reversing a correction that began after the week closed on January 30.
As equities provided some relief to the bulls, Bitcoin was ignored by many analysts while the higher levels near $ 40,000 remained unchanged.
“Bitcoin fluctuates and resists while total volume remains low,” Cointelegraph contributor Michael van de Poppe summed up after his recent YouTube update.
“As mentioned, below $ 38.5K is not interested in any long listings unless the bullish divergence plays out on higher time frames. The minimum first move is $ 37,500.”
Dealer Bentoshi added that the relevant buying zone is just below the current level.
“I think you can probably see 33-36K. Volume. And see the annual BTC opening in February. Lose 33K based on HTF and cut it,” he said in a Twitter comment that day.
At the time of writing, BTC / USD is trading at around $ 37,700, an increase of $ 1,100 from previous lows.
Expect Bitcoin ” ranking ‘to continue
Other sources were more gloomy about the upcoming Bitcoin prospects.
Related: Bitcoin falls 20% in 2022 after worst January since 2018
By extracting signals from their set of trend indicators in the chain and outside the chain, the Material Indicators group showed that there was no significant change in pace compared to the beginning of Bitcoin’s decline in November.
“MACRO BTC bids approaching the end of the month. Trend Foresight shows no signs that BTC has reached the bottom. Expected range as the downtrend continues,” he commented on Twitter.
Such a vision is associated with those who believe that a lower dip is necessary for Bitcoin to establish a convincing foundation and start fighting resistance.
In the past, the monitoring partner Whalemap has set $ 27,000 as an important support area if the existing domain gives up.