Bitcoin dives below $33K to fill futures gap amid record BTC ‘hodling’

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Bitcoin dives below $33K to fill futures gap amid record BTC ‘hodling’

Bitcoin price losses keep coming but coins dormant for at least a year now account for 60% of the total BTC supply.

Bitcoin dives below $33K to fill futures gap amid record BTC ‘hodling’

Bitcoin (BTC) set new multi-month lows on Jan. 24 as the new week began with some classic price behavior.

Bitcoin dives below $33K to fill futures gap amid record BTC ‘hodling’

BTC/USD 1-minute candle chart (Binance). Source: TradingView

“Rangeplay” for BTC after CME gap fill

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to $32,967 on Bitstamp prior to the Wall Street open on Jan. 24.

That level represented the start of a CME futures gap left over from July 2021, Bitcoin “filling” it almost to the dollar before reversing upwards to add over $1,000 in minutes.

With volatility clearly in the air, expectations were running high for the start of trading on United States equities markets.

“Now, Bitcoin will fight $34.1K–$34.4K. If that reclaims, potential test at $38K possible,” Cointelegraph contributor Michaël van de Poppe summarized to Twitter followers, noting the CME gap closure.

Even beating the 2018 bear market bottom, when Bitcoin reached $3,100 after a drawdown of over 80%, current resolve among long-term investors was thus palpable.

HODL Waves data from on-chain analytics firm Glassnode confirmed the presence of active hodlers.

Bitcoin dives below $33K to fill futures gap amid record BTC ‘hodling’

Bitcoin HODL Waves chart (screenshot). Source: Unchained Capital

Ether attracts $1,800 bid target

The situation looked bleaker for major altcoins on the day, as Ether (ETH) shed almost 11% to near $2,000.

The largest altcoin by market cap was not alone in its precipitous fall, the top 10 led by Solana (SOL), down almost 18% at the time of writing. 

For popular trader and analyst Pentoshi, bid levels to watch now lay below $2,000 support — more than 60% under recent all-time highs

“$ETHto me is a great buy at $1800 and I still believe in time we get there,” he said on Jan. 23, adding a SOL/USD target of $40 as a “fair target.”

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView.

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