Bitcoin due shake-up vs. gold, stocks as BTC price dips under $22.5K
Bitcoin (BTC) saw weakness at the Jan. 25 Wall Street open as United States equities fell in step.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD heading below $22,500 after failing to crack resistance near five-month highs.
U.S. stocks saw a weak start to the session, the S&P 500 and Nasdaq Composite Index down 1.1% and 1.6%, respectively at the time of writing.
Bitcoin bulls had themselves faced trouble attempting to push into an area of liquidity above $23,400, this so far remaining unchallenged and home to a significant number of would-be short liquidations.
Traders remained on the fence, hoping that a clearer trading signal would come after several days of essentially sideways price action.
“This is what I am looking for on Bitcoin with a corrective wave now, followed by another leg up to my $25,000 overall,” Crypto Tony commented alongside an explanatory chart.
Cointelegraph contributor Michaël van de Poppe was also opting to wait and see on the day.
“Patiently waiting for Bitcoin to drop beneath $22.3K or breaking and reclaim $23.1K. In between I don't see much of an interesting set-up,” he told Twitter followers.
Some optimistic takes remained, including that from Crypto Ed, who eyed a potential higher low for BTC/USD setting the stage for new highs.
Fellow trader Kaleo even suggested that $30,000 would be Bitcoin’s next target.
A topic of interest beyond price action meanwhile focused on Bitcoin’s correlation with both gold and stocks.
Related: Bitcoin faces ‘considerable danger’ from Fed in 2023 — Lyn Alden
Charles Edwards, CEO of crypto investment firm Capriole, noted that Bitcoin was continuing its historical tendency to play "catch-up" with gold.
“There is a relationship between Bitcoin and gold and
Read more on cointelegraph.com
