Tuesday 31 January 2023
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Bitcoin stays put with yearly close set to seal 60% YTD BTC price loss

Bitcoin (BTC) kept traders guessing to the last minute into the 2022 yearly close as volatility remained absent from the market.

BTC/USD 1-day candle chart (Bitstamp). Source: TradingView

BTC price: Where’s the volatility?

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD clinging to a familiar area around $16,500.

The pair continued to disappoint players on both sides of the trade after a sideways Christmas, ignoring the potential significance of the simultaneous weekly, monthly, quarterly and yearly candle close.

“Technical resistance and overhead liquidity suggests sub $17k local top, but anything goes in the Wild Wild West,” on-chain analytics resource Material Indicators wrote in part of commentary on the Binance BTC/USD order book.

An accompanying chart nonetheless showed a lack of significant support above $16,000, with resistance overhead at $17,000.

BTC/USD order book data (Binance). Source: Material Indicators/ Twitter

Looking slightly beyond the close, Arthur Hayes, former CEO of exchange BitMEX, hoped that Bitcoin would not fall under its post-FTX floor around $15,500.

“If $BTC can hold FTX lows that’s positive. Let’s see what the new year brings,” part of the comments stated as part of a warning over United States dollar liquidity.

More categorical when it came to bearish forecasts was popular trader Crypto Tony, who doubled down on his existing theory that further downside would precede Bitcoin’s recovery.

“This remains my macro outlook on Bitcoin where we see another pullback lower before accumulation prior to the next bull run,” he told Twitter followers.

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

Bitcoin dominance due a January boost

One small dose of good news for BTC bulls meanwhile came from Toni Ghinea, who on Dec. 30, eyed an increasing crypto market cap dominance trend.

Related: 'Crypto winter' won't end in 2023 — Bitcoin advocate David Marcus

Despite also calling for fresh downside to afflict Bitcoin price action, Ghinea now said that it would be altcoins bearing the brunt of the anguish.

“BTC Dominance will push up in the next weeks. More pain for alts. is coming,” he tweeted on Dec. 30.

Bitcoin market cap dominance annotated chart. Source: Toni Ghinea/ Twitter

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Original Article

About Jude Savage

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