Bitcoin on January 24 went down to a low it had not seen for several months. Some classic behaviors in price could be seen at the start of the new week.
The Volatility in BTC Price
Data from many cryptocurrency price monitoring platforms showed BTC/USD going down to $32,967 before the opening of Wall Street on January 24. This level denoted the beginning of a CME gap remaining since July 2021. It was clear the cryptocurrency market is seeing volatility. Expectations were high before the trading started at US equities markets. Taking note of the CME gap, analysts predicted bitcoin trying to stay between $34.1K and $34.4 K.
Stationary Bitcoin Amount
While short-term traders may have panicked, data showed that the percentage of bitcoin not being moved in the last 12 months has increased to 60%. This supply has remained unmoved. It did not happen even during the previous high volatility and extreme dip events. Long-term BTC investors have always been bullish and held it during these low events.
On the other hand, the condition of other altcoins was no better during this recent volatility. The major altcoin Ether (ETH) went down to $2000 which was an 11% decrease. Solana was down by 18%. Analysts are advising $40 as the fair target for SOL/USD and $1800 for ETH.
Bitcoin going down to $34,000 means it is almost at half the price it was two months back at $58,000. Bitcoin holders are concerned the losses may continue. Since then it has recovered slightly and at this time trading at $37,919. Analysts are predicting it to touch $40,000 by the end of January 2022. Other altcoins have also gained some weight after their recent losses.-