Bitcoin (BTC) traded sideways at the Jan. 24 Wall Street open with analysts at a loss over where price would go next.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBTC price holds below key resistance
The pair saw little reaction to the start of trading, including technical problems at the New York Stock Exchange, while United States macroeconomic data also failed to change the status quo.
Bitcoin thus lacked direction after establishing a narrower trading range on Jan. 20.
“Bitcoin couldn’t break through a crucial resistance at $23.1K,” Cointelegraph contributor Michaël van de Poppe summarized.
“If we continue to make LHs, we’ll probably test and sweep around $22.3K before continuation. Grants some serious buying opportunities.”BTC/USD annotated chart. Source: Michaël van de Poppe/ Twitter
A subsequent Twitter survey showed just how torn the average market participant was