{"id":42355,"date":"2023-01-26T00:34:57","date_gmt":"2023-01-26T00:34:57","guid":{"rendered":"http:\/\/egrowonline.com\/?p=42355"},"modified":"2023-01-26T00:34:57","modified_gmt":"2023-01-26T00:34:57","slug":"bitcoin-due-for-shake-up-vs-gold-stocks-as-btc-price-dips-under-22-5k","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=42355","title":{"rendered":"Bitcoin due for shake-up vs. gold, stocks as BTC price dips under $22.5K"},"content":{"rendered":"


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Bitcoin (BTC<\/a>) saw weakness at the Jan. 25 Wall Street open as United States equities fell in step.\u00a0<\/p>\n

BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

BTC price faces stiff resistance<\/h2>\n

Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD heading below $22,500 after failing to crack resistance near five-month highs.<\/p>\n

U.S. stocks saw a weak start to the session, with the S&P 500 and Nasdaq Composite Index down 1.1% and 1.6%, respectively, at the time of writing. <\/p>\n

Bitcoin bulls had themselves faced trouble<\/a>, attempting to push into an area of liquidity above $23,400, this so far remaining unchallenged and home to a significant number of would-be short liquidations.<\/p>\n

Traders remained on the fence, hoping that a clearer trading signal would come after several days of essentially sideways price action.<\/p>\n

\u201cThis is what I am looking for on Bitcoin with a corrective wave now, followed by another leg up to my $25,000 overall,\u201d Crypto Tony commented<\/a> alongside an explanatory chart.<\/p>\n

\u201cInvalidation is if we began to breakdown from here.\u201d<\/p><\/blockquote>\n

\"\"
BTC\/USD annotated chart. Source: Crypto Tony\/Twitter<\/em><\/figcaption><\/figure>\n

Cointelegraph contributor Micha\u00ebl van de Poppe was also opting to wait and see on the day.<\/p>\n

\u201cPatiently waiting for Bitcoin to drop beneath $22.3K or breaking and reclaim $23.1K. In between I don\u2019t see much of an interesting set-up,\u201d he told<\/a> Twitter followers.<\/p>\n

Some optimistic takes remained, including that from Crypto Ed, who eyed<\/a> a potential higher low for BTC\/USD setting the stage for new highs.<\/p>\n

Fellow trader Kaleo even suggested<\/a> that $30,000 would be Bitcoin\u2019s next target.<\/p>\n

Bitcoin correlation to gold surge<\/h2>\n

A topic of interest beyond price action, meanwhile, focused on Bitcoin\u2019s correlation with both gold and stocks.<\/p>\n

Related:\u00a0Bitcoin faces \u2018considerable danger\u2019 from Fed in 2023 \u2014 Lyn Alden<\/a><\/em><\/strong><\/p>\n

Charles Edwards, CEO of crypto investment firm Capriole, noted that Bitcoin was continuing its historical tendency to play \u201ccatch-up\u201d<\/a>\u00a0with gold.<\/p>\n

\u201cThere is a relationship between Bitcoin and gold and gold is pumping,\u201d he wrote<\/a>. <\/p>\n

\u201cWhen you lag the gold price, it\u2019s easier to see. Bitcoin tends to top between 0\u20136 months after gold and bottom 0\u20133 months after gold. This gap is approximate and will likely close with time.\u201d<\/p><\/blockquote>\n

\"\"
BTC\/USD vs. XAU\/USD annotated chart. Source: Charles Edwards\/Twitter<\/em><\/figcaption><\/figure>\n

Bitcoin\u2019s correlation to gold stood at practically 100% on the day.<\/p>\n

BTC\/USD vs. XAU\/USD chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

Conversely, Kaleo hoped for a \u201cdecoupling\u201d from the S&P 500, with Bitcoin primed to break out to the upside.<\/p>\n

\u201cBTC broke out above HTF resistance dating back to the November ’21 ATH ~two weeks ago,\u201d a further tweet stated. <\/p>\n

\u201cIt looks like it\u2019s about to continue that trend, as it\u2019s currently on the verge of breaking out of a pennant it\u2019s been accumulating in above support.\u201d<\/p><\/blockquote>\n

\"\"
BTC\/USD vs. S&P 500 annotated chart. Source: Kaleo\/Twitter<\/em><\/figcaption><\/figure>\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


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) saw weakness at the Jan. 25 Wall Street open as United States equities fell in step.\u00a0 BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price faces stiff resistance Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD heading below $22,500 after failing to crack resistance near five-month highs. U.S. stocks saw a weak […]<\/p>\n","protected":false},"author":1,"featured_media":42356,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[40],"tags":[10621,50,194,238,132,113,195,13572,455],"class_list":["post-42355","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","tag-225k","tag-bitcoin","tag-btc","tag-dips","tag-due","tag-gold","tag-price","tag-shakeup","tag-stocks"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2023\/01\/0758ff78-a88a-4a1d-9dd4-5fa3a11cca05.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/42355","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=42355"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/42355\/revisions"}],"predecessor-version":[{"id":42357,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/42355\/revisions\/42357"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/42356"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42355"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}