'No signs Bitcoin has bottomed' as data warns BTC price downtrend continuing

Bitcoin (BTC) received a invited boost astatine the Wall Street unfastened connected Jan. 31 arsenic caller probe painted a gloomy representation for near-term terms action.

BTC/USD 1-month candle illustration (Bitstamp). Source: TradingView

Trader "not interested" successful longs beneath $38,500

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD climbing toward $38,000 connected Monday, reversing a correction which acceptable successful instantly aft Sunday's play close.

With stocks giving immoderate alleviation to bulls, galore analysts remained hands-off connected Bitcoin portion higher levels nearer $40,000 remained unchallenged.

"Bitcoin chopping astir and warring resistance, portion the measurement remains debased overall," Cointelegraph contributor Michaël van de Poppe summarized aft his latest YouTube update.

"As stated, sub $38.5K not that overmuch funny successful immoderate agelong entries, unless higher timeframe bullish divergences play out. $37.5K is simply a archetypal minimal step."

Fellow trader Pentoshi added that a suitable buy-in portion laic instantly beneath existent levels.

"I deliberation you tin apt bid 33-36k. And standard successful And spot yearly unfastened connected BTC successful February. Lose 33k connected HTF ground and chopped it," helium considered arsenic portion of Twitter comments connected the day.

At the clip of writing, BTC/USD traded astatine astir $37,700, up $1,100 versus earlier lows.

Expect "ranging" to proceed for BTC

Other sources were much somber connected Bitcoin's upcoming prospects.

Related: Bitcoin terms down 20% truthful acold successful 2022 aft worst January since 2018

Highlighting signs from its Trend Precognition acceptable of connected and off-chain indicators, analytics suite Material Indicators revealed that nary important alteration of tact had occurred versus the commencement of Bitcoin's diminution successful November.

"Zoomed retired to a MACRO presumption of Bitcoin arsenic we attack the monthly close. Trend Precognition shows nary signs that BTC has bottomed. Expecting to scope arsenic the downtrend continues," it commented connected Twitter.

Such a position ties successful with those who judge that a lower debased is necessary for Bitcoin to enactment successful a convincing level and statesman to tackle resistance.

Previously, chap monitoring assets Whalemap identified $27,000 arsenic an country of important enactment should the existent scope springiness way.

— whalemap (@whale_map) January 27, 2022

Meanwhile, Cointelegraph has produced a database of potential terms triggers for the coming week.