Bitcoin (BTC) saw weakness at the Jan. 25 Wall Street open as United States equities fell in step. 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 start to the session, the S&P 500 and Nasdaq Composite Index down 1.1% and 1.6%, respectively at the time of writing.
Bitcoin bulls had themselves faced trouble 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.Traders remained on the fence, hoping that a clearer trading signal would come after several days of essentially sideways price action.“This is what I am looking for on Bitcoin with a corrective wave now, followed by another leg up to my $25,000 overall,” Crypto Tony commented alongside an explanatory chart.Cointelegraph contributor Michaël van de Poppe was also opting to wait and see on the day.“Patiently waiting for Bitcoin to drop beneath $22.3K or breaking and reclaim $23.1K.
In between I don't see much of an interesting set-up,” he told Twitter followers.Some optimistic takes remained, including that from Crypto Ed, who eyed a potential higher low for BTC/USD setting the stage for new highs.Fellow trader Kaleo even suggested that $30,000 would be Bitcoin’s next target.A topic of interest beyond price action meanwhile focused on Bitcoin’s correlation with both gold and stocks.Related: Bitcoin faces ‘considerable danger’ from Fed in 2023 — Lyn AldenCharles Edwards, CEO of crypto investment firm Capriole, noted that Bitcoin was continuing its historical tendency to play "catch-up" with gold.“There is a relationship between Bitcoin and gold andRead more on cointelegraph.com