{"id":10103,"date":"2023-01-31T15:25:49","date_gmt":"2023-01-31T15:25:49","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=10103"},"modified":"2023-01-31T15:25:49","modified_gmt":"2023-01-31T15:25:49","slug":"bitcoin-poised-for-another-attack-on-24k-as-trader-predicts-bearish-february","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=10103","title":{"rendered":"Bitcoin poised for another attack on $24K as trader predicts &#8216;bearish February&#8217;"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) rose above $23,000 into the Jan. 31 Wall Street open as markets braced for a fresh macroeconomic reckoning.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Trader: $25,000 &#8220;best case&#8221; for BTC\/USD<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD gaining around 1% in a single hourly candle before the start of trading, overcoming resistance in place overnight.<\/p>\n<p>With hours to go until the monthly close, the pair remained around $800 short of its weekend highs, which at $23,950 marked Bitcoin\u2019s strongest performance since mid-2022.<\/p>\n<p>Inspecting the status quo, however, traders were unconvinced that the largest cryptocurrency would produce further gains in February.<\/p>\n<p>January, had produced upside of over 40%, making it Bitcoin\u2019s best first month of the year since 2013.<\/p>\n<p>\u201cAnother high up to $25,000 is the absolute best case for me on Bitcoin,\u201d popular trader Crypto Tony told Twitter followers on the day. <\/p>\n<p>He added that he expected a \u201cbearish February\u201d with price targets of $21,400 and even $19,000.<\/p>\n<p><em>BTC\/USD annotated chart. Source: Crypto Tony\/ Twitter<\/em><\/p>\n<p>Crypto Tony also referenced the U.S. dollar, which spiked to two-week highs on the day to continue a four-day uptrend. The U.S. dollar index (DXY) is traditionally inversely correlated with crypto markets.<\/p>\n<p>On that note, fellow trader and analyst Scott Melker, known as \u201cThe Wolf of All Streets,\u201d focused on the weekly candle close of the S&amp;P 500 after the index closed above its 50-week moving average for the first time since April last year.<\/p>\n<p>\u201cSPY closed a weekly candle above the 50 MA for the first time since April. Currently testing it as support, with FOMC coming tomorrow and a volatile week likely. Watch the close on Friday,\u201d he tweeted on the day.<\/p>\n<p><em>U.S. dollar index (DXY) 1-day candle chart. Source: TradingView<\/em><\/p>\n<h2>Bitcoin evokes run-up to all-time highs<\/h2>\n<p>Formal analysis from on-chain analytics firm Glassnode nonetheless steered clear of predictions for next month.<\/p>\n<p><strong><em>Related:\u00a0Best January since 2013? 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n<p>In the latest edition of its weekly newsletter, &#8220;The Week On-Chain,&#8221; analysts focused on the significance of January as the month that Bitcoin came back to life.<\/p>\n<p>&#8220;As the end of January approaches, Bitcoin markets have seen the strongest monthly price performance since Oct-2021, fueled by both historic spot demand, and a sequence of short squeezes,&#8221; it summarized. <\/p>\n<p>&#8220;This rally has brought a large portion of the market back into profit, and resulted in futures markets trading at a healthy contango. We also note that initial impulse of exchange outflows, in the aftermath of FTX have calmed to neutral, and are now balanced by newly motivated inflows.&#8221;<\/p>\n<p>As Cointelegraph reported earlier, various sources believe that Bitcoin&#8217;s rally is already coming to an end.<\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-poised-for-another-attack-on-24k-as-trader-predicts-bearish-february\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) rose above $23,000 into the Jan. 31 Wall Street open as markets braced for a fresh macroeconomic reckoning. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Trader: $25,000 &#8220;best case&#8221; for BTC\/USD Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD gaining around 1% in a single hourly candle before the start of trading, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10104,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-10103","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10103","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10103"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10103\/revisions"}],"predecessor-version":[{"id":10105,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10103\/revisions\/10105"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/10104"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}