Bitcoin remained close to its monthly lows ahead of the January 20 Wall Street opening, with prices dropping to $40,600 overnight, marking the lowest levels since December 18. This ongoing weakness reflects a market where investors have repeatedly failed to regain lost ground.
Michaël van de Poppe, CEO of MN Trading, joined the sentiment that Bitcoin could establish a price base around $30,000. He expressed interest in accumulating more Bitcoin in the $36,000 to $40,000 range, which continues to be a significant area.
Analyst Rekt Capital suggested that Bitcoin is following classic pre-halving patterns, indicating a potential pullback over the next month before the halving event in April. Meanwhile, sales from old Bitcoin wallets increased during the recent downturn, with a significant movement of 59,000 Bitcoins for the first time in three to six months, resulting in an estimated profit of around $900 million.
On the altcoin front, Ethereum (ETH) made rapid progress against Bitcoin, surpassing the 0.06 BTC level before consolidating near its highest level since April 2022. This occurred as ETH/BTC faced a long-term downtrend line.
Caleb Franzen, a senior analyst at Cubic Analytics, noted that this consolidation is happening above the 200-day moving average resistance trend line. Additional data suggested that ETH/USD might continue to outperform BTC/USD in the future.