{"id":545958,"date":"2023-01-31T18:21:37","date_gmt":"2023-01-31T15:21:37","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-poised-for-another-attack-on-24k-as-trader-predicts-bearish-february\/"},"modified":"2023-01-31T18:21:37","modified_gmt":"2023-01-31T15:21:37","slug":"bitcoin-poised-for-another-attack-on-24k-as-trader-predicts-bearish-february","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-poised-for-another-attack-on-24k-as-trader-predicts-bearish-february\/","title":{"rendered":"# Bitcoin poised for another attack on $24K as trader predicts &#8216;bearish February&#8217;"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3879aa2b25e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3879aa2b25e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-poised-for-another-attack-on-24k-as-trader-predicts-bearish-february\/#%E2%80%9D_Bitcoin_poised_for_another_attack_on_24K_as_trader_predicts_%E2%80%98bearish_February_%E2%80%9C\" >&#8221; Bitcoin poised for another attack on $24K as trader predicts &#8216;bearish February&#8217; &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-poised-for-another-attack-on-24k-as-trader-predicts-bearish-february\/#Trader_25000_%E2%80%9Cbest_case%E2%80%9D_for_BTCUSD\" >Trader: $25,000 &#8220;best case&#8221; for BTC\/USD<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-poised-for-another-attack-on-24k-as-trader-predicts-bearish-february\/#Bitcoin_evokes_run-up_to_all-time_highs\" >Bitcoin evokes run-up to all-time highs<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_poised_for_another_attack_on_24K_as_trader_predicts_%E2%80%98bearish_February_%E2%80%9C\"><\/span>&#8221; Bitcoin poised for another attack on $24K as trader predicts &#8216;bearish February&#8217; &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-5a4050f8>Bitcoin (BTC) rose above $23,000 into the Jan. 31 Wall Street open as markets braced for a fresh macroeconomic reckoning.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/6cbd56bd-0d10-4f1f-8bab-a794037496cc.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Trader_25000_%E2%80%9Cbest_case%E2%80%9D_for_BTCUSD\"><\/span>Trader: $25,000 &#8220;best case&#8221; for BTC\/USD<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\">TradingView<\/a> 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 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoTony__\/status\/1620347152131133440\">told<\/a> <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> 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<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/c0813576-deac-4280-9bb6-00bf337d0f34.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD annotated chart. Source: Crypto Tony\/ Twitter<\/em><\/figcaption><\/figure>\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 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/scottmelker\/status\/1620422875567263746\">tweeted<\/a> on the day.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/e3456bac-189d-46f2-98a9-c1a191f90762.png\"><figcaption style=\"text-align: center;\"><em>U.S. dollar index (DXY) 1-day candle chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_evokes_run-up_to_all-time_highs\"><\/span>Bitcoin evokes run-up to all-time highs<span class=\"ez-toc-section-end\"><\/span><\/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 <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>letter, &#8220;<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/insights.glassnode.com\/the-week-onchain-week-05-2023\/\">The Week On-Chain<\/a>,&#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 <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roaches, 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<blockquote><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><\/blockquote>\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><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-poised-for-another-attack-on-24k-as-trader-predicts-bearish-february\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin poised for another attack on $24K as trader predicts &#8216;bearish February&#8217; &#8220; 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&#8230;<\/p>\n","protected":false},"author":1,"featured_media":545959,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/92002bd4-da40-4eb2-87d4-9bd8eec4e670.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,76153,73785],"class_list":["post-545958","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-dollar","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/545958","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=545958"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/545958\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/545959"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=545958"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=545958"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=545958"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}