Bitcoin

Grayscale Bitcoin Trust

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) spiked past $43,500 into the Feb. 5 Wall Street open as United States markets reacted to Chinese stock turmoil.
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 <img src="https://s3.cointelegraph.com/uploads/2024-02/65891b9c-4d9d-490a-a7fc-04b72305a3cf.png" alt="" title="">
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 BTC/USD 1-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="china-s-losses-spark-talk-of-recession">China’s losses spark talk of recession</h2>
Data from <a href="https://subscription.cointelegraph.com/">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> showed local highs of $43,515 on Bitstamp — a new February BTC price record.
Bitcoin had heated up into the week’s first Asia trading session as China’s CSI 1000 index shed 8% in a single day, prompting authorities to impose further controls on short selling.
Trading resource The Kobeissi Letter queried whether the country might be in recession, noting a “disconnect” between large and small-cap stocks.
“China’s market has officially lost $7 TRILLION in value over the last 3 years,” part of a reaction on X (formerly Twitter) acknowledged.
<blockquote class="twitter-tweet">
 Even as China has vowed to stabilize its markets, investors are worried. Many believe that China will focus primarily on large cap stocks. Hence why there's a huge disconnect between large and small caps now. Follow us <a href="https://twitter.com/KobeissiLetter?ref_src=twsrc%5Etfw">@KobeissiLetter</a> for real time analysis as this develops.— The Kobeissi Letter (@KobeissiLetter) <a href="https://twitter.com/KobeissiLetter/status/1754489578411430371?ref_src=twsrc%5Etfw">February 5, 2024</a>
</blockquote> 
Bitcoin volatility was also aided by a marked increase in open interest, this amounting to $775 million, per <a href="https://twitter.com/JA_Maartun/status/1754510970704085139" target="_blank" rel="noopener nofollow">data</a> uploaded to X from J. A. Maartunn, a contributor to on-chain analytics platform CryptoQuant.
Outflows from the Grayscale Bitcoin Trust (GBTC), meanwhile, came out lower than in previous days at around 2,600 BTC, continuing <a href="https://cointelegraph.com/news/bitcoin-price-drops-hour-us-payrolls">an encouraging downtrend</a>.
<blockquote class="twitter-tweet">
 Today's <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> Sent to out by <a href="https://twitter.com/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GBTC</a>/Grayscale comes out to be ~2.6K <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> or ~115$M worth. Another big decrease from the most recent trading day on Friday. Wanted to wait a bit for the next block to make sure it was indeed just this low amount. It seems like it is indeed just… <a href="https://t.co/Ul8pcB6e5B">https://t.co/Ul8pcB6e5B</a> <a href="https://t.co/1rOuf78oND">pic.twitter.com/1rOuf78oND</a>— Daan Crypto Trades (@DaanCrypto) <a href="https://twitter.com/DaanCrypto/status/1754511924685902334?ref_src=twsrc%5Etfw">February 5, 2024</a>
</blockquote> 
<h2 data-ct-non-breakable="true" id="25-000-zone-gets-fresh-liquidity">$25,000 zone gets fresh liquidity</h2>
Analyzing order book composition, Keith Alan, co-founder of trading tool Material Indicators, had a fresh BTC price warning in store.
Related:&nbsp;<a href="https://cointelegraph.com/news/china-stocks-crash-5-things-bitcoin-this-week">China stocks crash 8% in hours — 5 things to know in Bitcoin this week</a>
Bitcoin, he showed, still lacked liquidity immediately below the spot price, making a return to $42,000 especially easy.
Zooming out, liquidity was increasing far lower — around $25,000, signalling what Alan described as growing sentiment for a dip.
“That doesn’t mean that price is going right here immediately, or even at all, but it does mean that there is some sentiment for this level now,” he explained in his latest video update.
<blockquote data-ct-non-breakable="true">
 “Is it true sentiment or are they just positioned here for a potential wick? That remains to be seen, but I will be watching this to see if more liquidity comes into this range because, in my opinion, liquidity equals sentiment.”
</blockquote>
<blockquote class="twitter-tweet">
 GM, In this <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> analysis we'll look at candle charts as well as order book and order flow data in <a href="https://twitter.com/hashtag/FireCharts?src=hash&amp;ref_src=twsrc%5Etfw">#FireCharts</a> across time frames to give a clear view of where the signs of strength and weakness are in the chart. So far, BTC has failed to print a full candle above the 50-Day MA… <a href="https://t.co/BRzWdZU5yZ">pic.twitter.com/BRzWdZU5yZ</a>— Keith Alan (@KAProductions) <a href="https://twitter.com/KAProductions/status/1754497609484443664?ref_src=twsrc%5Etfw">February 5, 2024</a>
</blockquote> 
Alan added that the ladder of ask liquidity overhead spot, this itself moving lower, suggested that now snap upside to $45,000 or higher was likely in the immediate short term.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

BTC price sets new February high as Bitcoin buyers target faraway $25K

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