Bitcoin (BTC<\/a>) stayed near $19,000 at the Jan. 13 Wall Street open as traders hoped a week of swift gains would stick.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD crisscrossing the $19,000 mark as United States equities began trading.<\/p>\n The pair rapidly took out sell-side liquidity overnight, gapping higher to what on-chain analytics resource Material Indicators forecast could be a retest of the $20,000 mark.<\/p>\n \u201cSeems like BTC is setting up for a retest of resistance at the 2017 Top,\u201d it wrote<\/a> in part of a Twitter discussion on Jan. 12, the day prior. <\/p>\n \u201cWhether we see a bonafide breakout or fakeout remains to be seen. Time for patience and discipline.\u201d<\/p><\/blockquote>\n An accompanying snapshot of the Binance order book confirmed bulls had broken through multiple sell walls.<\/p>\n \u201cThings just got interesting,\u201d Material Indicators added in comments on the chart.<\/p>\n Characteristic of the current climate, others remained firmly risk-off on Bitcoin despite year-to-date gains approaching 20%.<\/p>\n Among them was popular trader Il Capo of Crypto, who in classic style described<\/a> current price action as \u201cone of the biggest bull traps I\u2019ve ever seen.\u201d<\/p>\n \u201cBullish euphoria is real, and price is still below 20k,\u201d he added.<\/p>\n Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, likewise cautioned on overly optimistic reactions to BTC price performance.<\/p>\n \u201cFunny though, if you look at social media, it\u2019s bull euphoria. If you watch the chart, you have to zoom out a lot to see the entire chart,\u201d he said<\/a>. <\/p>\n \u201cBitcoin is still -$50,000 from 15 months ago.\u201d<\/p><\/blockquote>\n Regardless of its staying power, Bitcoin\u2019s recent surge higher contrasts strongly with the distinct absence of volatility witnessed since the FTX implosion in early November.<\/p>\n Related:\u00a0Bitcoin gained 300% in year before last halving \u2014 Is 2023 different?<\/a><\/em><\/strong><\/p>\n For on-chain analytics firm Glassnode, such behavior was arguably due to a shake-up sooner rather than later, especially given its persistence through the 2022 yearly candle close.<\/p>\n \u201cThe 2022-23 holiday period has been historically quiet, and it is rare for such conditions to stick around for long,\u201d it wrote in the latest edition of its weekly newsletter, \u201cThe Week On-Chain,\u201d issued<\/a>\u00a0on Jan. 9. <\/p>\n \u201cPast occasions where BTC and ETH volatility was this low have preceded extremely volatile market environments, with past examples trading both higher and lower.\u201d<\/p><\/blockquote>\n Calling the phenomenon a \u201cvolatility slumber,\u201d Glassnode added that \u201con-chain activity for the two majors remains extremely weak, despite a short-term bump following FTX.\u201d<\/p>\n \u201cUsing both on-chain activity, and realized cap drawdowns, it is safe to say that the excesses of H2-2021 has been largely expelled from the system,\u201d it concluded.<\/p>\n \u201cThis process has been painful for investors, however has brought market valuations closer to their underlying fundamentals.\u201d<\/p><\/blockquote>\n 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<\/div>\n![\"\"](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/ce545208-91fa-4a6a-9f2d-88cfc86b2e16.png\" "\\"\\"")
BTC price \u201cbreakout or fakeout remains to be seen\u201d<\/h2>\n
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Bitcoin awakens from \u201cvolatility slumber\u201d<\/h2>\n
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