Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to $32,967 on Bitstamp prior to the Wall Street open on Jan. 24.
That level represented the start of a CME futures gap left over from July 2021, Bitcoin “filling” it almost to the dollar before reversing upwards to add over $1,000 in minutes.
With volatility clearly in the air, expectations were running high for the start of trading on United States equities markets.
“Now, Bitcoin will fight $34.1K–$34.4K. If that reclaims, potential test at $38K possible,”
At the time of writing, BTC/USD traded just below $34,000, with around an hour and a half until the U.S. open.
Zooming out, investor behavior meanwhile appeared to counter concerns over short-term sellers. As noted by investor and entrepreneur Alistair Milne, the proportion of the Bitcoin supply that has remained stationary for a year or more hit levels not seen during previous capitulation events.
Even beating the 2018 bear market bottom, when Bitcoin reached $3,100 after a drawdown of over 80%, current resolve among long-term investors was thus palpable.
The situation looked bleaker for major altcoins on the day, as Ether (ETH) shed almost 11% to near $2,000.