Bitcoin (BTC) faced challenges in maintaining a positive trend on January 30 as uncertainty loomed with the end of the month approaching.
According to data from Cointelegraph Markets Pro and TradingView, BTC/USD dropped from its recent highs just below $24,000 on that day. Despite showing one of its strongest performances in nearly six months, Bitcoin struggled to sustain its momentum at the beginning of the week, briefly dipping below $23,000 in pre-Wall Street trading.
As of the time of writing, Bitcoin was trading around $23,250 amid a lackluster performance by U.S. equities in the final days of January.
Analysts paid close attention to the CME Bitcoin futures gap from the weekend, which was quickly filled by spot prices. In futures trading, price gaps often act as targets for the spot market once trading resumes after the weekend, with another gap remaining open between approximately $19,970 and $20,530.
Popular trader John Wick noted, “CME gaps filled and overshooting now bc of Equity futures being negative,” in his recent tweet, adding, “We’re in for a wild week!”
Meanwhile, analytics resource Material Indicators highlighted the activity in the order book on Binance, suggesting that long and short positions could indicate a potential uptrend. Commentary on a chart of long and short positions stated, “Sometimes looking at leveraged assets on Binance can provide insights into the market. BTCDOWN is at resistance, and BTCUP is approaching support.”
When it came to Bitcoin’s potential performance before the monthly close, some analysts, including Crypto Ed, expressed skepticism. Crypto Ed noted that he was “not convinced yet” of Bitcoin’s strength and shared a chart indicating a possible downside target of $22,000.
As reported by Cointelegraph, the $25,000 price level posed a significant resistance zone for Bitcoin, where a large number of short positions could potentially be liquidated if bulls regained control.
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