Bitcoin returns to $37K amid warnings that BTC price 'needs to go lower'
Bitcoin (BTC) cracked $37,000 at the Jan. 28 Wall Street open as traders watched and waited for a resistance retest.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD returning to form after dipping to $36,175 on Bitstamp earlier in the day.
As part of the range-bound behavior, hopes were held high that momentum would continue to challenge resistance levels closer to $40,000, whether or not the ultimate outcome would be a fresh correction.
"The bearish scenario seems most likely, which is exactly the reason why I think we'll see a surprising move," popular trader Crypto Ed said as part of comments on the immediate outlook.
Fellow trader and analyst Anbessa reiterated previous demands for $38,500 to hold to proclaim the corrective phase as complete for Bitcoin.
As Cointelegraph reported earlier, low funding rates are combining with an improving picture across derivative markets, something that could, ultimately, spark a timely squeeze upward.
#BTC has re-entered the $28000-$38000 consolidation rangeBTC last consolidated in this range in Q1 and Q2 of 2021Naturally, on this latest recovery, the Range High (red) will be the main resistance to beat to confirm further upside$BTC #Crypto #Bitcoin pic.twitter.com/aojF2Zcm0y
On Jan.24, Rekt Capital highlighted the area for Bitcoin to reclaim to rekindle bullishness on longer weekly timeframes. As reported, this would come in the form of $39,600 as a weekly close price.
Crypto Ed, however, was not alone in his feeling of foreboding over a possible fresh breakdown.
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