Bitcoin price pares weekend gains as another CME ‘gap’ lurks below $20,000

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Bitcoin (BTC) struggled to maintain bullish momentum on January 30 as the countdown to the monthly close kept the market jittery.

BTC/USD 1 hour candle chart (Bitstamp). Source: TradingViewBTC price sees a flash dip below $23,000

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD hit its latest highs at just under $24,000 on the day.

These, while Bitcoin’s best performer in nearly six months, ran into resistance issues early in the week as pre-Wall Street trading saw a brief trip below $23,000.

At the time of writing, Bitcoin was trading at around $23,250 as US stocks limped through the final days of January.

Among the topics of interest to analysts, the CME Bitcoin futures gap over the weekend was quickly filled in place.

Gaps in the futures chart often act as a short-term magnet for spot prices once futures markets reopen after weekends. Another remained open between around $19,970 and $20,530.

The CME’s gaps are filled and now sticking out because equity futures are negative, popular trader John Wick wrote in his latest Twitter update.

Were in for a crazy week!CME Bitcoin Futures 1-hour Candle Chart. Source: Trading View

Analytical resource Material Indicators meanwhile focused on order book activity on Binance, with long and short positions potentially signaling further upside.

Sometimes looking at leveraged assets on binance can give clues as to what is going on with the underlying. BTCDOWN is at resistance and BTCUP is approaching support, comments on a chart of long and short positions.

Things don’t have to play out the way these charts indicate, but so far they correlate with the current BTC PA.BTC/USD long/short charts (Binance). Source: Material Indicators/TwitterBitcoin analyst “not convinced”

As to whether Bitcoin would benefit from the bullish weeks ahead of the monthly close, others were far from confident.

Related:Best January since 2013? 5 things to know about Bitcoin this week

Among them was Crypto Ed, who in a note to subscribers said he was not yet convinced of the overall strength of Bitcoins.

BTC/USD annotated chart. Source: Crypto Ed/Twitter

An attached chart presented a possible retest of $22,000 as a downside target.

As Cointelegraph reported, the area around $25,000 had been a significant resistance cloud for Bitcoin, being an area of ​​significant potential short selloffs.

Still, this price remained a popular target should the bulls regain their firepower.

The views, thoughts and opinions expressed herein are the sole authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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