Bitcoin halts volatility at $23K as BTC hodlers see mass return to profit
Bitcoin (BTC) traded sideways at the Jan. 24 Wall Street open with analysts at a loss over where price would go next.
Data from Cointelegraph Markets Pro and TradingView tracked a day of consolidation for BTC/USD, which continued to linger near $23,000.
The pair saw little reaction to the start of trading, including technical problems at the New York Stock Exchange, while United States macroeconomic data also failed to change the status quo.
Bitcoin thus lacked direction after establishing a narrower trading range on Jan. 20.
“Bitcoin couldn't break through a crucial resistance at $23.1K,” Cointelegraph contributor Michaël van de Poppe summarized.
A subsequent Twitter survey showed just how torn the average market participant was regarding where the market might head next. At the time of writing, 47.8% of around 4,000 responses agreed that a correction should take place on Bitcoin, with the remaining 52.2% betting on a trip to $25,000.
“Choppy price action without a clear pattern or direction,” trader Daan continued alongside a chart with targets.
Discussing the likelihood of upside continuation, fellow trader Gaah meanwhile highlighted $24,000 as an important level to watch.
Earlier, Cointelegraph had reported on the significance of the surrounding area, this being a site for short liquidations with Bitcoin’s 200-week moving average above.
“The first positive sign for reversal is $20.8k becoming floor. The second positive sign is $24k becoming the next floor,” part of Gaah’s analysis read.
Zooming out, it was on-chain analytics firm Glassnode which was cautiously optimistic about the significance of the BTC price breakout.
Related: BTC metrics exit capitulation — 5 things to know in Bitcoin this week
In hitting current levels,
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