Bitcoin teases hodlers as BTC price action refuses to challenge $40,000

Welcome to the Cointelegraph Markets weekly newsletter where we look at the influential factors behind Bitcoin price action for the days ahead. 

View this email in your browser Markets Outlook Bitcoin teases hodlers as BTC price action refuses to challenge $40,000 "Confiscation (e.g. Silk Road bust) was the first way in which governments 'accept' Bitcoin. Imo taxation will be the second." — Tuur Demeester Welcome to the Cointelegraph Markets weekly newsletter that covers the main factors influencing Bitcoin's price in the week ahead. There's no let-up for hopeful bulls as Bitcoin dives immediately after the weekly close, which itself fell short of expectations. Capping what looks to be a January squarely unlike the last, BTC/USD remains rangebound between $30,000 and $40,000, with the weekend reinforcing the sense that there is simply not enough of an impetus to break the paradigm. Can anything change market dynamics more fundamentally? It may come in the form of macro cues in February, while behind the scenes, investors are still buying BTC at current prices. Cointelegraph takes a look at the potential candidates for a shake-up in the coming days. Continue reading to discover five such would-be triggers as bulls' resolve is tested ever further. Spot price action keeps disappointing Over the weekend, Bitcoin traded higher, but few were convinced that its moves were genuine. That turned out to be true, as the weekly close saw a swift bearish reversal to under $37,000. With that, BTC/USD is nowhere near the pivot for bullishness, which lies at just under $40,000. Another shot at U.S. regulation Remember the Infrastructure Bill? The ghouls of U.S. regulation are set to return in February with an executive order on crypto regulation. Little is known about its contents or implications, but weary hodlers will remember the events of last year. Meanwhile, one day remains for the S&P 500 to upend its dismal January performance — can Bitcoin's correlation help bulls in the case of a last-minute reversal? Hodlers keep up the demand As ever, long-term BTC hodlers show no fear when it comes to their investment. Coins stationary for at least five years and up to seven years have now hit a new all-time high of over 700,000 BTC. January, meanwhile, continued the rapid depletion of exchanges' BTC reserves. Dark days for the Grayscale Bitcoin Trust As Bitcoin goes lower, so does the "GBTC Premium" — and now, it's near its most negative ever. Continuing a multi-month trend, the Grayscale "discount" reached 30% last week and has sparked concerns over whether demand will recover. GBTC's conversion to an ETF may help, but this remains a question of "if," not "when," thanks to U.S. regulators. Extreme fear gives way to… just fear Is that a glimmer of hope among the bears? Bitcoin sentiment is finally out of "extreme fear" mode. The Crypto Fear & Greed Index has emerged from its lowest possible quadrant after staying there for almost a month. Cold feet among traders, however, are still palpable. 2 million people follow us on social media Download our official app:

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