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

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.

“Rangeplay at this point.”

At the time of writing, BTC/USD traded just below $34,000, with around an hour and a half until the U.S. open.

Zooming out, investor behavior meanwhile appeared to counter concerns over short-term sellers. As noted by investor and entrepreneur Alistair Milne, the proportion of the Bitcoin supply that has remained stationary for a year or more hit levels not seen during previous capitulation events.

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